The land will be used for the athletes village, if Chicago wins the bid to host the 2016 Olympics.
The Michael Reese property
, in the Prairie Shores neighborhood, is considered a prime location, but talks with the site's owner, Medline Industries
, broke down last September over the environmental cleanup on the site.
The logjam was apparently broken when Medline agreed to make a charitable contribution of $32.5 million, which may be used to clean up the site.
“We are very pleased that we have been able to reach a final agreement, and we appreciate Medline’s flexibility in structuring a transaction that fits our needs," Patrick G. Ryan, chairman and CEO of Chicago 2016, said in a release.
The 2016 committe said that, on the off chance Chicago doesn't win the Olympic bid, the city of Chicago "will continue to pursue development of this new lakeside community on the City’s Near South Side."
For more on the significance of this site, read "Reese's Pieces."
Published at 7:50 PM CDT on Jul 16, 2009 | Updated at 1:44 PM CDT on Jul 30, 2009