(CHICAGO) – McCaffery Interests and Hines announced today that they have formed a partnership to redevelop the former Children’s Memorial Hospital site in Chicago’s Lincoln Park neighborhood. Located at the intersection of Lincoln Avenue, Fullerton Parkway and Halsted Street, the project is poised to transform the six-acre site, which has been vacant since the hospital moved to its new Streeterville facility in 2012.
The project, approved by the City of Chicago, will consist of two luxury apartment buildings with a total of 540 units, approximately 160,000 square feet of retail and up to 60 low-rise condominium residences. Designed by Antunovich Associates in collaboration with Skidmore, Owings & Merrill, the project will add a new sense of vitality to this unique and significant site in the heart of Lincoln Park. The project includes the adaptive reuse of several historic structures, including two terra cotta-façade buildings.
The development will provide the community with more than 57,000 square feet of accessible open space, including a landscaped central plaza, gardens, fountains and a children’s play area. The project will implement the latest sustainable design and construction practices and will target LEED® Silver designation. A number of Affordable Housing units for working-class families in this high-quality neighborhood will be incorporated.
The project will also entail substantial investments in public infrastructure, facilitating vehicular and bicycle traffic circulation and improving the pedestrian experience. The project is transit-friendly with the Fullerton CTA stop located just three blocks away, major bus routes running on Lincoln, Halsted and Fullerton and dedicated bike lanes on Lincoln and Halsted. The site is approximately a half mile from the lakefront and other well-known attractions such as Lincoln Park Zoo, Lincoln Park Conservatory, Oz Park and the Peggy Notebaert Nature Museum.
“We are thrilled to partner with Hines, a company internationally renowned for projects of the highest quality. Our organizations share similar values and complementary skill sets,” said Dan McCaffery. “The project will be an excellent addition to the Lincoln Park neighborhood and we couldn’t be more excited for the community and the City of Chicago.”
Kevin Shannahan, CEO of Hines’ Midwest region, stated, “The opportunity to partner with McCaffery Interests on this amazing site is very exciting. Infill urban mixed-use development requires a team that balances neighborhood needs, thoughtful architecture and a tenant mix that adds vitality and energy to the area. Our team is prepared to meet these challenges in Lincoln Park.”
The current Planned Development was approved by the Chicago City Council in April 2014. McCaffery and Hines expect to begin demolition by yearend, and the new development is anticipated to be completed in 2018.
McCaffery Interests, Inc. targets investment in and the development or redevelopment of underperforming, urban real estate. Since 1991, McCaffery Interests has successfully acquired, developed and/or redeveloped nearly $2 billion of outstanding real estate assets.
Hines has been active in Chicago since 1980 and has completed five high-rise office towers in Chicago. The 1.1 million square foot, 52-story River Point at Lake
& Canal streets is on schedule for a 2016 delivery, as well as Wolf Point West, a 45-story, 509-unit apartment tower scheduled to open in December.
Hines is a privately owned global real estate investment firm founded in 1957 with locations in 185 cities in 19 countries. Hines has $84.9 billion of assets under management, including $42.7 billion for which Hines provides fiduciary investment management services, and $42.2 billion for which Hines provides third-party property-level services. In 2014, Hines completed over $8 billion in transactions on behalf of its investment management clients. The firm has 104 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired more than 1,000 properties, totaling over 339 million square feet. The firm’s current property and asset management portfolio includes 511 properties, representing over 176 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
Children's Memorial Hospital Redevelopement