CHICAGO --It has been sore sight for more than a decade but if all goes according to plan the old Cook County hospital will renovated into a multi-use facility that will bring jobs temporary and permanent to medical district.
Cook County Board President Toni Preckwinkle announced today the Civic Health Development Group has been tapped to rehab the site.
It will invest $600 million and pay at least $2 million every year for the next 99-years to rent the property.
No capital investment will be coming from the county and no subsidies either.
The facade will remain but the facility will be gutted to make way for retail shops on the ground floor, office and residential above,
The county's environmental liability will be capped at 5 million dollars.
Plans also call for the development of a Central Campus Health Center.
The board could vote on the plan in early May and work could begin next year and be completed by 2018.
Sources close to the deal say that Chicago based Walsh construction and MB Real Estate led by highly respected developer John Murphy who specializes in rehabbing historic buildings such as this will be leading the project.
A hotel is also part of the proposal.