Hines, a privately owned global real estate investment firm and sponsor of non-traded REITs, recently formed a partnership with McCaffery Interests to redevelop the former Children’s Memorial Hospital site in the Lincoln Park neighborhood of Chicago. The six-acre site has been vacant since 2012.
“We are thrilled to partner with Hines, a company internationally renowned for projects of the highest quality. Our organizations share similar values and complementary skill sets,” said Dan McCaffery.
Kevin Shannahan, CEO of Hines’ Midwest region, commented, “The opportunity to partner with McCaffery Interests on this amazing site is very exciting. Infill urban mixed-use development requires a team that balances neighborhood needs, thoughtful architecture and a tenant mix that adds vitality and energy to the area. Our team is prepared to meet these challenges in Lincoln Park.”
The partnership will redevelop the site into two luxury apartment buildings providing a total of 540 units, 160,000 square feet of retail space and up to 60 low-rise condominium residences. Already approved by the City of Chicago, the site will benefit from the adaptive reuse of two terra cotta-façade buildings plus other historic structures.
“The project will be an excellent addition to the Lincoln Park neighborhood and we couldn’t be more excited for the community and the City of Chicago,” added McCaffery.
Demolition will begin by yearend and completion of the new development is expected for 2018.