Posted May 11, 2021, 6:03 PM
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Join Date: Jul 2004
Location: DC
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Michael Reese Site Primed For $97 Million Sale As ‘Bronzeville Lakefront’ Edges Closer To Reality
Alex Nitkin, The Daily Line | 8:47 AM CDT on May 11, 2021
Quote:
The $4 billion “Bronzeville Lakefront” megadevelopment is set to clear a critical hurdle on Tuesday as a Chicago commission moves to sell a 48-acre swath of public land to a private development venture for $96.9 million.
The city’s Community Development Commission is set to virtually convene at 1 p.m. Tuesday to consider four sales of city-owned land, including the sale of part of the property on the city’s Near South lakefront that was occupied for decades by Michael Reese Hospital.
The commission is set to ink the sale on the condition that the development team commits to a lengthy list of “public benefits,” including more than 1,300 affordable homes set for construction during the project’s multi-decade timeline. The sale must also be approved by the City Council.
City planning officials are separately negotiating a redevelopment agreement with the developers that could convey tens of millions of dollars in public funding for infrastructure in and around the project, Crain’s reported on Friday.
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