CHICAGO-Children’s Memorial has hired locally-based US Equities Realty to market its 6-acre current hospital site in the popular Lincoln Park neighbourhood. The hospital plans to move to a new $1 billion facility on the campus of Northwestern University, but needs the proceeds from its current site to help finance the move.
The hospital is moving to the Ann & Robert H. Lurie Children’s Hospital of Chicago, now under construction, in June 2012. Ann Lurie donated $100 million for the new facility.
Though Children’s Memorial has reportedly raised almost half of the funds, it still is short on cash, said Nahlah Daddino with the hospital. “The proceeds from the sale of the property are very important to our mission. The sale of our Lincoln Park properties plays a critical role in the resources that Children’s Memorial needs for the new hospital,” Daddino said in a statement.
The site includes the triangle-shaped, main hospital site, which totals about 585,000 square feet; as well as an 850-car parking garage across Lincoln Avenue. Another 170,000 square feet of offices and other hospital owned-property is included in the sale, including a 110,000-square-foot office building at 700 W. Fullerton Pkwy.
Marty Stern, EVP and managing director of US Equities, said proposals from developers will be due by mid-December. He said sufficient time is needed to allow a buyer to go through community and public approvals. A neighbourhood study, facilitated by Hellmuth, Obata and Kassabaum (HOK), showed that local residents want a mixed-use redevelopment with a variety of housing levels. “The successful developer will be well-positioned to take advantage of a recovering market, in a high-demand neighbourhood, with little other new space with which to compete when the project is ready for delivery,” Stern said in a statement.
The hospital said it will keep some properties in the Lincoln Park neighbourhood. These sites include the Children’s Memorial Research Center, Belden/Halsted and Kids Doc at 1970 N. Clybourn, and a lease at 1731 N. Marcey St.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
