City officials and developers on Wednesday kicked off a $3.8 billion mixed-use community project in Chicago’s Bronzeville neighborhood.
Scheduled over the next decade, the construction project will bring mixed-income housing, retail, offices, parks and more to the site of the former Michael Reese Hospital and Medical Center.
Farpoint Development founder Scott Goodman said:
Farpoint is one of five developers in the group that forms Global Research Innovation Technology (GRIT).
Chicago Neighborhood Initiatives, McLaurin Development Partners, Loop Capital and Bronzeville Community Development Partnership are other partners.
A redevelopment agreement approved by the city council allows the city to sell a 48-acre city-owned site to GRIT for $96.9 million, according to the city.
“It will be a gathering place for the community, and we want to grow our already proud Bronzeville community even further,” said Goodman.
The city purchased the idle land in 2016 as part of the Olympic bid.
“There was a lot of concern about what would happen to the site when that plan didn’t come to fruition,” said Mayor Lori Lightfoot.
“After years of extensive research and efforts of active community engagement, today we are able to take the first significant step to announce the unlocking of the potential of this site. “
Upon completion, GRIT’s master plan will be approved to include over 5,000 new housing units, 20% of which will be affordable units. The plan also includes a proposed renovation of the Singer Pavilion, new senior housing, new retail and office space, a data center and a 40,000-square-foot community center, according to the city.
The project is estimated to create up to 20,000 temporary and permanent jobs with a focus on equity.
Farpoint founder Regina Stilp said: “We wanted to know how to make sure the work was for people in the community.”
Another developer using GRIT, Zeb McLaurin, said: The mayor was credited with putting the spotlight on an underinvested community.
“The Mayor has requested that we participate as owners, developers and investors [her] It’s about realizing our vision and making an equitable change in the marketplace,” said McLoughlin, CEO of McLoughlin Development Partners.
By splitting project bids from $60 million to $3.5 million to $4 million, GRIT says it removes some of the traditional barriers to entry for small and local contractors and businesses. .
“Owners, developers, [we] Taking financial risk and tying these vendors’ performance and payment guarantees together allows them to compete in this multi-billion dollar project for the first time. ”
The plan is also supported by $60 million in city-funded infrastructure. This will partially re-establish a comprehensive street network throughout the site, including new and improved sections at 26th, 27th, 29th and 30th Streets. Lake Park Avenue. and Cottage Grove Avenue.
Development will be carried out in stages and is expected to be completed in 2035.