The IMD offers developers an optimized development approval process.
“Apartments, restaurants and retail are important to recruiting talent and attracting investors to a bustling innovation district,” said Kate Schellinger, IMD’s interim executive director. “Tenants are looking for a lively environment with cafes, restaurants and hotels to support their professional staff and international visitors. Chicago’s The joint review ensures that the IMD maintains its competitive advantage in a global market for life sciences real estate. “
IMD accelerates planning and development reviews
The IMD offers developers an optimized development approval process. Chicago’s Planned Development # 30 revisions set clear standards for the type and scope of the property in each of the 22 IMD sub-areas and create harmonious transitions from block to block.
“Each of the sub-areas has a unique existing neighborhood context,” said Chris Fahey, Director of Real Estate Operations at IMD. “The overhauls allow for increased overall density for millions of square feet of development while maintaining the unique character of the community.”
The development review of the IMD follows the guidelines that were developed for the 2016 IMD master plan in an 18-month public process. With the revisions, the review by the IMD staff gives developers a quick way to coordinate their plans Chicago’s Benchmarks for affordable housing, participation of minority and women-owned companies, transport-oriented development and sustainability.
The Near West Side’s reputation as a medical campus dates back to the late 19th century and was formalized in 1941 when the Illinois Legislature passed the Illinois Medical District Act. 1964, Chicago set its growth path with the zoning rules for Planned Development # 30. IMD’s 560 acres are roughly bounded by Interstate 290, Ashland Avenue, 15th Street, and Oakley Boulevard. The planned building ordinance was last revised in 1997 and the master plan in 2019.
“The proposed development review was a joint effort by our stakeholders, including institutions in the Illinois Medical District, Aldermen Walter Burnett Jr. and Jason ervin, and the city planning office, “said Schellinger.” We are happy to have reached the finish line after many community meetings with a solid overall concept for the future. “
About the Illinois Medical District
The Illinois Medical District is a community of health, technology, and life science organizations in the heart of Chicago, two miles west of the loop on 560 acres. More than 80,000 people visit the IMD every day, including more than 29,000 employees. With $ 220 million in annual research funding is generated by the IMD $ 3.4 billion in economic activity every year. The IMD offers partners a unique ecosystem of knowledge, collaboration and resources, plus something more: the opportunity to influence the world’s next major innovation district in healthcare. Together, the IMD partners are accelerating the discovery and commercialization that is reshaping the practice of all life sciences and creating prosperity for all.
SOURCE Illinois Medical District