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
Codes and Standards | Sep 30, 2021
U.S. has a deficit of 5 million homes
Builders unable to keep pace with demand.
Codes and Standards | Sep 29, 2021
Mass Timber group study will compare structural round timber to glulam products and steel
Will compare costs, capabilities, and carbon impacts of structural materials.
Codes and Standards | Sep 28, 2021
Massachusetts creates Commission on Clean Heat
First-of-its kind body to set targets for buildings to reduce emissions from heating fuels.
Codes and Standards | Sep 27, 2021
Commercial real estate industry faces SEC climate disclosure regulations
Risks associated with climate change would have to be revealed.
Codes and Standards | Sep 22, 2021
Group proposes Carbon Use Intensity metric for new buildings
Plan would track embedded carbon on projects.
Codes and Standards | Sep 22, 2021
Illinois’s sweeping climate bill includes statewide stretch code, building electrification measures
Aims for zero-emissions power sector by 2045.
Codes and Standards | Sep 22, 2021
Cities need to step up flood mitigation efforts to save lives
Recent storms highlight climate change dangers.
Codes and Standards | Sep 21, 2021
Steps to improve ventilation for Covid can combat colds and flu
New look at airborne disease spread shows time viruses linger in air may have been underestimated.
Codes and Standards | Sep 15, 2021
USGBC will change leaders, conduct strategic review
Aims to ensure organization is ‘well positioned to scale its work in the post-pandemic world’.
Codes and Standards | Sep 15, 2021
LEED-certified offices earn higher rents than non-sustainable properties
Are also more resilient to dips in real estate market.
