Under a redevelopment agreement proposed on Wednesday, the old Cook County Hospital building would be rehabbed into a mixed-use site with a hotel plus retail and residential space.
The privately funded redevelopment plan, which calls for restoring and preserving the century-old building's beaux arts facade, will be presented to the board on April 13 and could go up for a vote on May 11.
The Civic Health Development Group (CHDG) was selected to redevelop the building, which has been vacant since 2002. As part of the agreement, CHDG would make a $600 million investment in the project and pay the county at least $2 million each year in rent, according to Board President Toni Preckwinkle's office. The county would retain ownership of the land as part of the agreement.
The project is part of a larger, multi-phase redevelopment plan for the area, including construction of a new research and technology center.
"This project creates and fosters true urban transformation in the heart of our county," Preckwinkle said in a statement. "New residential, retail, office and hotel construction will create a vibrant mixed-use community enhancing the adjacent Illinois Medical District and Chicago's near West Side."
Construction and redevelopment of the old Cook County Hospital could begin in 2017.
"Seeing the old historic facade of the 1914 hospital building come alive again with housing hospitality and dining totally transforms the entire (Illinois Medical District) and surrounding institutional and residential communities," added Commissioner Robert Steele, whose district includes the old county hospital.