The land sale, endorsed Tuesday by the community development commission, is a write-down of nearly $200,000, or 4% of the cost of the project, says Edward Lewis of the Department of Planning and Development. The deal is contingent on Roseland Medical Center, LLC receiving a Class 7 property tax break from Cook County. If not, the city will be able to reclaim the lot.

Roseland Medical Center, LLC was one of two finalists in a request for proposals. It got the nod, Lewis says, because it identified tenants, as well as a letter of interest from the hospital. The developer also has a letter of interest from Charter Bank for construction financing, Lewis says.

"This is a significant project for us," says Dr. Leon Walker, whose DL3 Realty will manage the property in addition to being involved in its development. "We believe this will be the first domino to fall in redevelopment of the area." Walker adds his project will help stabilize the hospital, which serves 250,000 patients a year in the far South Side community and south suburbs, by providing space for primary care physicians.