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Developer Gets Land to Build 27,000-SF Medical Center

CHICAGO-A 27,000-sf medical office building would be across West 111th Street from Roseland Hospital. In addition to 10,000 sf occupied by the hospital, a dialysis center may take 8,000 sf.

By Mark Ruda | Updated on February 21, 2006

CHICAGO-Roseland Medical Center, LLC will buy a 35,000-sf site in the 100 block of West 111th Street, across from Roseland Hospital, for $1 to build a $4.8-million office building. The hospital has signed a letter of intent to lease 10,000 sf in the 27,000-sf building, while a dialysis clinic is considering an 8,000-sf lease, according to the Department of Planning and Development.

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.

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