The transformation of the former Children’s Memorial Hospital campus in Lincoln Park into a shiny new mixed-use development has cleared one of the fundamental steps required for any big project: The developers have gotten all of the land together that they need.
Hines sent over a note the other day letting us know that it, and McCaffery Interests, have purchased the land, thanks to financing from the Middle East.
You may know Houston-based Hines from such local hits as 300 North LaSalle, and River Point. And McCaffery is known around these parts for Harper Court in Hyde Park, and the British International School of Chicago in the South Loop.
The Abu Dhabi Investment Authority you probably aren’t all that familiar with. But for 40 years it’s been making projects like this happen all over the world. It’s the world’s second-largest government investment fund, behind the Norwegian government pension fund.
When completed, the new mini-neighborhood will sport a pair of 19-story residential towers, five dozen townhomes, 2.7 football fields worth of retail space, and a partridge in a pear tree (permit pending).
If you crave more information, read the press release from Hines after the rendering gallery, which would be a good name for an abattoir.
Site Purchase Complete for the Redevelopment of Former Children’s Memorial Hospital Site in Chicago’s Lincoln Park
(CHICAGO) – Co-developers McCaffery Interests and Hines today announced the closing of their purchase of the site of the former Children’s Memorial Hospital, in the heart of Chicago’s Lincoln Park neighborhood. The parcel has been vacant since the hospital moved to its new facility in 2012.
Redevelopment of the six-acre site, located at the intersection of Lincoln Avenue, Fullerton Parkway and Halsted Street, will soon commence with demolition of the existing hospital structure scheduled for the first quarter of 2016. Vertical construction is planned to begin in the first quarter of 2017; and initial occupancy is planned for late 2018.
The closing of an equity investment in the project by Henley Holding Company, a wholly-owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”), was also announced.
The new development, which was approved by the Chicago City Council in April 2014, will consist of: two 19-story luxury apartment buildings with a total of 540 units including a significant affordable housing component; up to 60 low-rise for-sale condominium residences; and approximately 160,000 square feet of retail and commercial space. Designed by Skidmore, Owings & Merrill and Antunovich Associates, the project will add residential and retail vibrancy to this unique and significant site in the center of Lincoln Park. The project contemplates the adaptive reuse of several historic structures and will provide the community with over 57,000 square feet of accessible open space including a landscaped central plaza, ceremonial garden and children’s play area. Additionally, the development will include substantial investments in public infrastructure to facilitate vehicular and bicycle circulation and improve the pedestrian experience. The project will implement the latest sustainable design and construction practices and will target LEED® certification.
Dan McCaffery, CEO of McCaffery Interests, commented “We are delighted to be associated with two organizations that are committed to quality and performance at the highest level. Together with our partners, we intend to create a project that the residents of Lincoln Park and Greater Chicago can visit with pride.”
Hines Senior Managing Director Greg Van Schaack noted, “The redevelopment of this site has been long-awaited and our team has an aligned vision to deliver a timeless asset that will be cherished by the community.”
Hines has been active in Chicago since 1980 and has developed six high-rise office towers in Chicago, including the 1.1 million-square-foot, 52-story River Point at Lake & Canal street, which is under construction for 2017 delivery. Hines is also co-developing Wolf Point West, a 45-story, 509-unit apartment tower which opened last month.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 199 cities in 19 countries. Hines has $87 billion of assets under management, including $43 billion for which Hines provides fiduciary investment management services, and $44 billion for which Hines provides third-party property-level services. The firm has 104 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,100 properties, totaling over 346 million square feet. The firm’s current property and asset management portfolio includes 531 properties, representing over 186 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world.
McCaffery Interests is a privately owned, full-service commercial real estate company that has been in the business of investing, developing, leasing, and managing real estate for 25 years. The McCaffery Interests portfolio of planned, completed and managed projects exceeds 20 million square feet and includes office, mixed-use, hotel, and residential properties, as well as large, master-planned communities and land developments. With offices in Chicago, Washington, DC and Pittsburgh, and controlled assets and completed developments valued in excess of $2 billion, McCaffery Interests is one of the most trusted real estate companies in the nation.