Chicago 2016 Buys Hospital Site For Olympic Village

Chicago 2016 announced Monday that a purchase agreement was reached to acquire the Michael Reese Hospital property from an affiliate of Medine Industries Inc. for $86 million. According to a press release the site enhances the bid committee’s original plan for the Olympic and Paralympic Village.

As part of the agreement the seller will give a charitable contribution of up to $32.5 million which may be used for funding demolition and site remediation.

The Olympic Village could include a 5,000 seat dining facility, a private workout facility, Internet cafes, clubs and cinemas.

The additional land gives prospective developers more flexibility to deliver an Olympic Village that will be converted into a mixed-use, residential neighbourhood once the Games are over, including affordable housing. If Chicago fails to host the 2016 Games, the city will continue to pursue development of the new lakeside community on the city’s Near South Side.

In thanking Medine for its charitable contribution Patrick G. Ryan, chairman and CEO of Chicago 2016 said “our enhanced plan for the Olympic Village development reflects the bid’s focus on creating the best possible competitive conditions and overall experience for the athletes and is an example of how Chicago’s bid for the Games will make a lasting contribution to the city”.