The Chicago City Council has approved the sale of the former Michael Reese Hospital site and zoning for a $4 billion mixed-use redevelopment, inching the proposed Bronzeville lakefront project closer to breaking ground.
The $97 million sale of the medical campus will allow a coalition of development companies to move forward on nearly 8 million square feet of commercial, institutional and residential spaces.
“This is a mega-development that will truly impact the entire city,” Ald. Sophia King, 4th, said. “While it will bring billions in economic development to the city and the community, it will also bring other tangible investments.”