Bronzeville Lakefront continues to reinvigorate Chicago’s South Side.
In this article, I will show you the 5 most important news about Bronzeville Lakefront in 2022.
This is a $3.8-billion development that will provide commercial real estate, institutional progress, mixed-income housing, and stable jobs to the community residents.
So let’s get down to business. Here are the five significant updates in Bronzeville Lakefront:
1. GRIT chooses JLL to market Bronzeville Lakefront
GRIT recently partnered with the leading real estate services company JLL to sell the Bronzeville Lakefront megadevelopment with the aim of redeveloping the former Michael Reese Medical Campus on Chicago's South Side.
Now that the project's wheels are in motion and moving quickly, JLL will be a prominent partner in marketing the multibillion-dollar development, which will include mixed-income housing, retail, offices, and life sciences real estate.
Furthermore, JLL has a wealth of experience selling difficult commercial real estate projects, which will be crucial to its partnership with GRIT.
Due to its scale and intricacy, the Bronzeville Lakefront will take around 20 years to complete.
2. Chicago ARC has begun accepting tenants
Chicago ARC, which has been focusing on healthcare setups in order to bring out solutions beneficial for both local and global communities, has now begun accepting tenants.
Primarily leaning towards equality amidst diversity, potential tenants will receive a tailored approach with a customer-driven network.
They will also make Illinois a gateway for global investment.
The flagship tenants include the Israeli firm, Sheba Medical Center, Aidoc, BELKIN Laser, and Append Medical.
The permanent Chicago ARC facility is set to open in 2023.
But right now, it will operate out of interim space.
3. Bronzeville Lakefront is turning the neighborhood into a medical boom
Bronzeville Lakefront aims to cater to the healthcare needs of the people living on Chicago’s South Side.
Especially during the COVID-19 pandemic, Illinois placed an intensive focus on all medical-related issues.
And this mega-development turns the Bronzeville neighborhood into a medical mecca for not only its residents but also other communities in need.
Here GRIT aspires to build an inclusive and healthy community in the future.
Regina Stilp of Farpoint Development, part of GRIT, said that Bronzeville Lakefront, especially the Bronzeville Innovation Center, will enable Chicago to finally compete with the gigantic life sciences clusters in Boston, San Francisco, and San Diego. They want to help the countless scientists and lab workers graduating each year from local universities to stay in Illinois. In essence, they aim to solve the brain drain and outbound migration from the state.
Chicago is becoming a leader in healthcare and life sciences through mega-developments with lab and research spaces such as Bronzeville Lakefront, Lincoln Yards, the 78, and the Illinois Science and Technology Park.
COVID-19 prompted the shift of real estate development from corporate offices to the life sciences sector, as there was high demand for research into new therapies for diseases nationwide.
This also led to a more dynamic job market since life sciences firms need people with a range of experiences, from scientists with advanced degrees to lab workers and support staff who did not graduate from college.
“What many people don’t realize is that 40% of life sciences jobs only require a high school diploma or a GED,” said Dr. Suzet McKinney, who leads developer Sterling Bay’s life sciences division and formerly led the Illinois Medical District on Chicago’s West Side.
Ultimately, the life sciences boom in Illinois is very beneficial as the state recovers from the impact of COVID-19.
Laboratories require hands-on work, so researchers are more likely to sign leases for new space and expand while traditional office users stay home on Zoom calls and eventually vacate offices they no longer need.
4. Chicago’s Bronzeville neighborhood is now a national heritage area
To honor Bronzeville's relevance to the national culture, in 2022, Congress passed the National Heritage Area Act. This act took effect on January 1st, 2023.
It outlined the district's boundaries as roughly spanning from Lake Michigan to Washington Park and the Dan Ryan to the west, and from 18th Street to 71st Street to the north.
5. NorthWestern Medicine will have a location near the Bronzeville Lakefront development
Northwestern Medicine has revealed plans for a brand-new outpatient center in Bronzeville. for the South 4800 block.
In August 2021, the concept for Cottage Grove Avenue was originally proposed.
Over 50,000 patients and their families from Bronzeville and the nearby districts are expected to receive care at the hospital each year.
A total of 100 jobs in healthcare and allied industries as well as 1,000 jobs in the construction industry will be created.
Depending on regulatory approval, construction might begin in the summer of 2023, with an anticipated opening in the summer of 2025.
Conclusion
Bronzeville Lakefront is one of the most popular mega-developments in Chicagoland, for good reason. It is community-driven, with each part catering to the specific needs of the community. It will make Bronzeville a medical mecca and historic metropolis.
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