Feb
16
Hines, McCaffery Close on Chicago Land Purchase for Major M-U Project
ByHines has teamed up with McCaffery Interests to revitalize the site of the former Children’s Memorial Hospital in Chicago.
Rendering of proposed development at the former Children’s Memorial Hospital site in Chicago
Chicago—It’s been a long time coming, but the former home of Children’s Memorial Hospital in Chicago is primed for redevelopment now that partners Hines and McCaffery Interests have completed the acquisition of the six-acre site. The purchase of the property from the Hospital (now Ann & Robert H. Lurie Children’s Hospital of Chicago) paves the way for the partners to transform the vacated medical campus into a mixed-use destination with a development price tag of $350 million.
“This site is truly irreplaceable real estate–you cannot otherwise find six acres in the heart of Lincoln Park–and it was worth all of the hard work that was put into reaching agreement with the community regarding the scope and substance of the development,” Greg Van Schaack, senior managing director with global real estate investment firm Hines, told Commercial Property Executive. “We believe that developments with high barriers to entry often present that greatest opportunity to create lasting value and neighborhood impact.”…
Hines, McCaffery Close on Chicago Land Purchase for Major M-U Project
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