The site of Michael Rhys Hospital, which has been obsolete for a long time, is ready to be transformed into a new district in Chicago. Bronzeville Lakefront will include 4,800 new homes, offices, research facilities and stores as part of a $ 4 billion redevelopment scheduled to be approved by the Chicago City Council on Wednesday.
Proposal from GRIT, a consortium led by Chicago-based Farpoint Development Complex that city council members rely on $ 60 million in city funding to build new roads and another $ 30 million to clean up nearly 100-year-old hazardous waste left by radium treatment plants We cleared three city council committees on Monday and Tuesday to praise the agreement.
“This is the first time in a while,” Aldo said. Sophia King (District 4) spoke to members of the City Council’s Finance Committee on Monday, which unanimously approved the plan. The Housing and Zoning Commissions set a final vote by the entire city council on Wednesday, following Tuesday. “This is the most beautiful place that remains open along the lakeside in the city.”
Road construction is paid as part of City’s $ 3.7 billion infrastructure plan approved in November..
Expected approval by the city council began in 2009 when former Mayor Richard M. Daily purchased a 48-acre site just south of McCormick Place for $ 91 million as part of a plan to win the 2016 Olympic Games. Close the infamous chapter of Chicago history Chicago games. Instead, the city lost a match to Rio, land has been vacant since then, the city has taken tens of millions of dollars in interest, and property tax revenues have been lost.
The agreement requires GRIT to purchase land for $ 97 million. In addition, the deal allows developers to pay $ 25 million to Chicago Public Schools to expand and improve nearby schools, secure 40,000 square feet of open space near 31st Avenue, and 10% of retail space. I want to rent it locally. 20% discount business.
The plan also calls for a home reserved for the elderly and a welcome center designed to showcase the history of Bronzeville as a mecca for black Chicago people.
“I believe this project will be the North Star over the years to come,” Aldo said. Matt Martin (47th ward).
City Affordable Housing Ordinance 20% of new units must be reserved for low- and middle-income Chicago citizens. Up to 1,017 units will be built onsite. This exceeds the minimum set by the ordinance that allows developers to build units and pay for them elsewhere in the city.
King said he was proud of the provision and said he would guarantee that the new region would be economically diverse.
The first phase of redevelopment will include the ARC Innovation Center, a research unit focused on the shares of Israel’s prestigious Sheva Medical Center.
Contact Heather Cherone: @HeatherCherone | (773) 569-1863 | [email protected]
Former Michael Rhys Site Ready to Live A New Life as “Bronzeville Lakefront” | Chicago News
Source link Former Michael Rhys Site Ready to Live A New Life as “Bronzeville Lakefront” | Chicago News