Search
 

TIF Plan Endorsed for Mercy Hospital Redevelopment

CHICAGO-The nonprofit 477-bed hospital, which sees the need for $65 million in capital improvements, expects to reap dividends from a $200-million residential redevelopment on its 22.6-acre campus.

By Mark Ruda | Updated on October 11, 2005

CHICAGO-A $200-million redevelopment of the Mercy Hospital campus could get up to $50 million in tax increment financing. Central Station Development Corp. is planning to build the 820-unit Eastgate Village townhouse, condominium and multifamily rental project in the 2500 block of S. King Drive, which will help the nonprofit 477-bed hospital meet its capital improvement needs while staying on the Near South Side.

The lion’s share of the tax increment financing budget, $36.4 million, is earmarked for rehabbing existing buildings on the 22.6-acre site along the Stevenson Expressway. Of the four buildings on the Mercy Hospital campus, only the main building is not considered to be in deteriorated condition. A 40-unit rental building for hospital residents is now vacant, but is expected to be included in the redevelopment.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.