^ I doubt it. The cheapest building is the one that already exists. Prairie Shores might be infilled or the towers re-clad, but it's unlikely they would get any higher density after a tear-down so I'd be very surprised if they did.
As for building over the Metra tracks (really the marshaling yard, the tracks would remain uncovered) I am also skeptical that this can be done, at least without a lot of public money involved. 155 N Riverside was able to deck over the Union Station tracks at no cost to the public, but that was kind of a special case. I believe (A) the air rights were discounted and (B) the site was developed at high density and commands top-tier rents. Michael Reese will have a lower allowed density and a far lower income stream to offset the cost of the deck.
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la forme d'une ville change plus vite, hélas! que le coeur d'un mortel...
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