Presentation on theme: "O LD C OOK C OUNTY H OSPITAL C HARRETTE 1 Landmarks Illinois Team Members Bonnie McDonald, President, Landmarks Illinois Alicia Berg, Chair Will Tippens,"— Presentation transcript:
O LD C OOK C OUNTY H OSPITAL C HARRETTE 1 Landmarks Illinois Team Members Bonnie McDonald, President, Landmarks Illinois Alicia Berg, Chair Will Tippens, Vice-Chair Joe Antunovich, AIA Clark Christensen, Assoc. AIA Lisa DiChiera Lisa Fiorenza, CPA Tim Frens, CPA Ari Glass Krista Gnatt, LEED AP Graham Grady Jim Mann Sean McGowen Robin Schabes Anne-Marie St. Germaine Rhonda Thomas Jack Tribbia John Tully Anne Voshel October 7, 2014 @ Chicago Architecture Foundation
Cook County Hospital is a Landmark in every sense of the word 3 Cook County Hospital served us for almost a century; now, we can unlock its continued value through adaptive reuse. Listed in the National Register of Historic Places for: architecture social and medical advancements to the health care field nationwide. Adaptive reuse is realistic and financeable: cost-effective approach with use of preservation incentives accommodates new construction now or in a future phase Two reuse approaches are: 1)office and retail 2)market-rate/affordable residential and retail Each scenario is achievable for a private developer: the redevelopment schemes are on average $248 per square foot within a $87.9 million re-development budget using multiple incentives Rehab creates 526 more construction jobs. 14.2 jobs would be created for every $1 million in construction costs = 1,248 jobs versus the creation of 9.5 jobs for every $1 million in new construction costs = 722 jobs.
O LD C OOK C OUNTY C HARRETTE Reuse Scenario 1 – Office and Retail 4
O LD C OOK C OUNTY C HARRETTE Reuse Scenario 1 – Office and Retail 5
O LD C OOK C OUNTY C HARRETTE Reuse Scenario 1 – Office and Retail 6 Photos: Jamie Padgett
O LD C OOK C OUNTY C HARRETTE Reuse Scenario 2 – Mixed-Income Residential and Retail 7
O LD C OOK C OUNTY C HARRETTE Reuse Scenario 2 – Mixed-Income Residential and Retail 8
O LD C OOK C OUNTY C HARRETTE Reuse Scenario 2 – Mixed-Income Residential and Retail 9
O LD C OOK C OUNTY C HARRETTE Total Development Costs 10 Mixed-income residential and ground-floor retail Total Development Cost: $93,487,320 Cost per square foot: $264.31 CAPITAL STACK Debt Balance: $53,552,166 LIHTC:$6,451,877 FHTC:$15,527,610 TIF: $10,345,921 Land:$ 4,000,000 Developer Equity:$ 1,869,746 Donation Tax Credit:$ 1,740,000 Office and ground-floor retail Total Development Cost: $82,276,570 Cost per square foot: $233.62 CAPITAL STACK Debt Balance: $41,138,285 Developer Equity: $15,630,998 FHTC:$15,507,287 TIF: $10,000,000 *Reduced real estate taxes from the Cook County Class L Property Tax Incentive are included in cash flow calculations Disclaimer: Financial and other development cost information is based on forward looking standard pro forma projections and calculations. It is provided for informational purposes only and LI makes no representation as to the budget’s accuracy.
O LD C OOK C OUNTY C HARRETTE Site Plan for Future Development 11
O LD C OOK C OUNTY C HARRETTE Great Reuse Spaces in Chicago f f 12 Ballroom to recreation room Randolph Tower - Randolph and Wells, Chicago Photo: Hartshorne Plunkard Architecture Photo: Patsy McEnroe Photography
O LD C OOK C OUNTY C HARRETTE Great Reuse Spaces in Chicago f f 13 Office to residential Hairpin Lofts- Logan Square, Chicago Photo: Patsy McEnroe Photography
O LD C OOK C OUNTY C HARRETTE Great Reuse Spaces in Chicago 14 Photo: Jamie PadgettPhoto: Landmarks Illinois
O LD C OOK C OUNTY C HARRETTE Unique Opportunity – Heritage Tourism ggg 15 Photo: Yale-New Haven Hospital Photo: Lewis O’Brien Photo: Lisa DiChiera Photo: Courtesy ArchitectureChicago Plus
O LD C OOK C OUNTY C HARRETTE Unique Opportunity – Heritage Tourism 16 Photo: Courtesy Brigham and Women’s Hospital Univ. of Pennsylvania, Penn Hospital - "time capsule of surgery." Photo: Courtesy Death’s Head and the Sickly Child Brigham and Women’s Hospital, Boston – surgical amphitheater turned lecture hall Photo: Getaway Mavens
O LD C OOK C OUNTY C HARRETTE Many thanks to the Landmarks Illinois Team! 17
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