CHICAGO – Hines and co-developer McCaffery Interests, with financing from a sovereign Abu Dhabi investment fund, will develop a residential and retail project on the site of the former Children’s Memorial Hospital in Chicago’s Lincoln Park area.
Following demolition of the old hospital building, construction will begin on two 19-story apartment towers with a total of 540 units; 60 for-sale condo residences and 160,000-sf of retail/commercial space.
Architecture is by Skidmore, Owings Merrill and Antunovich Associates. Henley Holding Co., a subsidiary of the Abu Dhabi Investment Authority, made an equity investment in the project.
The parcel has been vacant since the hospital moved to its new facility in 2012.
The project contemplates the adaptive reuse of several historic structures and will provide the community with over 57,000 square feet of accessible open space including a landscaped central plaza, ceremonial garden and children’s play area.
Hines has been active in Chicago since 1980 and has developed six high-rise office towers in Chicago, including the 1.1 million-square-foot, 52-story River Point at Lake & Canal street, which is under construction for 2017 delivery. Hines is also co-developing Wolf Point West, a 45-story, 509-unit apartment tower which opened last month.
Hines, founded in Houston in 1957, has a presence in 199 cities in 19 countries. The firm has 104 developments currently underway around the world.
Feb. 16, 2016