The Illinois Medical District Commission approved a 1.16 million sf, $300 million mixed-use project in Chicago’s Illinois Medical District. The decision is an important step for the IMD Gateway Center project, a scaled-up version of an earlier $162 million proposal by Higgins Development.
Gateway Center will sit on a 9.5-acre site of mostly surface parking lots. Current plans include a 10-story, 225-room hotel; a 16-story, 200-unit apartment building; a second apartment building, of 224,000 sf; 92,000 sf of retail space; an 88,000 sf medical office building; 100,000 sf of lab space; and a five-story parking garage.
Lead developer, Gateway Development Partners L.L.C., is composed of Higgins Development Partners, Thomas Samuels Enterprises, East Lake Management & Development Corp. and Isiah Real Estate L.L.C., which is headed by former NBA star Isiah Thomas.
A groundbreaking is expected to be held within a year. The developer will hold a 75-year ground lease expected to provide the IMDC with more than $1 million annually.
Related Stories
| Aug 11, 2010
Best AEC Firms of 2011/12
Later this year, we will launch Best AEC Firms 2012. We’re looking for firms that create truly positive workplaces for their AEC professionals and support staff. Keep an eye on this page for entry information. +