Civic Health Development Group’s Acquisition of Old Cook County Hospital on Chicago’s West Side

DLA Piper counseled a private development team affiliated with Civic Health Development Group (CHDG) in the acquisition, through long-term ground leases, of the Old Cook County Hospital on Chicago’s West Side.

The 99-year leases became effective December 31, 2017. They commit the developer to finalizing development and construction plans for the historic building into a combination of residential, retail and office space, through its first phase of redevelopment, with the goal of beginning restoration work in summer 2018.

The development team, led by Chicago-based developer John T. Murphy includes, among other members, Walsh Investors, Murphy Development Group, MB Real Estate, Plenary Group and Granite Companies plans to invest approximately US$130 million of private dollars in the project.

The first tenants, which will include a major hotel, administrative/medical offices and ground floor retail, are expected to move in sometime in 2019. Subsequent phases of the redevelopment over the next 10-15 years will include a new research and technology center, the expansion of the hospital’s existing parking facilities and mixed-use high-rise towers.

DLA Piper’s Chicago-based team that advised the developers was led by partner Robert Goldman with assistance from partner Greg Dahlgren (Picture) and associate Stacy Osmond.

 

Involved fees earner: Robert Goldman – DLA Piper; Stacy Ann Osmond – DLA Piper; Gregory Dahlgren – DLA Piper;

Law Firms: DLA Piper;

Clients: Plenary Group; Walsh Investors LLC; Murphy Development Group; MB Real Estate Services Inc.; Granite Companies;

 

 

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Author: Ambrogio Visconti