More on turning Old County into office space

11/17/2009 9:16 AM

By Micah Maidenberg
Editor

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Chicago Journal file art.

The Cook County board's construction committee will discuss a Jones Lang LaSalle report that calls for converting the empty Cook County Hospital on Harrison Street into offices this morning.
Details were pretty sparse when I first reported on this story last week, but staff from Commissioner Larry Suffredin's office emailed the executive summary of the JLL report.
The summary shows that the office use isn't the cheapest conversion -- using the building for a dorm is, at $103.9 million. But JLL says, "No demand found for dormitory space within the [Illinois Medical District]."
Other uses considered for Old County and their costs, according to JLL:

  • Senior housing / $120 million
  • Hotel / $116.1 million
  • Rental housing or condos / $109.3 million
  • Educational / $109.3 million

Office space was recommended as offering the best use and lowest cost.
The report calls for either the county itself or a private developer to spearhead the project, and tap into city funds. The developer, according to JLL, "should be able to access funds from the City of Chicago's Central West TIF to assist in funding the project. In addition, a private developer can access Historical Tax Credits in the amount of 20 percent of qualified rehabilitation costs.



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