CHICAGO, May 13 /PRNewswire/ -- Sister Sheila Lyne, President and CEO of Mercy Hospital, announced a $150 million residential development on property Mercy is selling to developer Eastgate Village LLC.
(Photo: http://www.newscom.com/cgi-bin/prnh/20050513/CGF020 )
Located immediately east of the Hospital building, the developer will create a campus like environment for townhomes, duplexes, senior living units and a mid-rise condominium building. Plans call for tree-lined streets with generous open spaces with prices ranging from $185,000 to $450,000.
The development is synergistic with the mission of the hospital and contributes to the ongoing renewal of the community, not unlike the model city project of the 1960 and 70's when the new Mercy was opened and the South Commons development was completed.
In planning for the new development, the hospital restructured its financing which, along with the proceeds from the sale of the land, will assist the hospital with future facility improvements and continued growth. "Our entire staff and our physicians are very enthusiastic about the new development and we are pleased to be part of the growth and enhancement of our city," stated Sr. Sheila Lyne.
Founded in 1852, Mercy is Chicago's first chartered hospital. The hospital employs 1,506 people and averages 210,000 patient visits each year. Eastgate Village will have a special program for Mercy employees who would like to purchase a home within walking distance from their work.
The current parking on the east side of the hospital will be relocated to new parking areas on the west side of the building to provide the 8 acre site for the development. Eastgate will transform the entire area into a beautiful campus like area extending from King Drive to State Street.
The exciting development is a project of Forest City/Fogelson. Gerald W. Fogelson, Chairman of Eastgate Development, a Forest City/Fogelson Development, describes the project, saying, "We will be offering a variety of price points and housing types with sales scheduled to start in the fall. The development will enjoy views of the city and lake and is proximate to public transportation and is convenient to the entire area."
The Eastgate Development Team added, "We have been working closely with the community, Alderman Haithcock and the various departments of the City and everyone is very enthusiastic about the development."
A sales center will be open on the property in the early fall 2005.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20050513/CGF020AP Archive: http://photoarchive.ap.org/PRN Photo Desk, photodesk@prnewswire.comMercy HospitalCONTACT: Constance A. Murphy of Mercy Hospital, +1-312-567-7058,cmurphy@mercy-chicago.org
Web site: http://mercy-chicago.org/