After sitting vacant for nearly a decade, a site at the heart of Chicago’s failed Olympic bid is set for a major upgrade.
Mayor Rahm Emanuel announced Friday the selection of a “master development team” to lead the revitalization of the Michael Reese site in Chicago’s Bronzeville neighborhood. The historic project is expected to take up to 10 years to complete and could include a new event, exhibit or meeting space associated with McCormick Place.
Plans for the space also include more than 5 million square feet of technology-oriented commercial spaces, retail used, homes and a hotel, according to the mayor’s office.
Once home to the Michael Reese hospital, city officials first revealed plans to give the 49-acre site new life last fall.
The city, under former Gov. Richard M. Daley's tenure, purchased the South Side site in 2009 during an unsuccessful campaign to land the 2016 summer games. The goal was to transform the property into an Olympic Village.
The new development team will be led by Farpoint Development, Draper & Kramer, Chicago Neighborhood Initiatives, McLaurin Development Partners, and Bronzeville Community Development Partnership and Skidmore Owings & Merrill.