Post on 15-Jan-2016
O L D C O O K C O U N T Y H O S P I TA L C H A R R E T T E
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Landmarks IllinoisTeam 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
O L D C O O K C O U N T Y C H A R R E T T E
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O L D C O O K C O U N T Y C H A R R E T T ECook County Hospital is a Landmark in every sense of the
word
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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 L D C O O K C O U N T Y C H A R R E T T E
Reuse Scenario 1 – Office and Retail
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O L D C O O K C O U N T Y C H A R R E T T E
Reuse Scenario 1 – Office and Retail
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O L D C O O K C O U N T Y C H A R R E T T E
Reuse Scenario 1 – Office and Retail
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Photos: Jamie Padgett
O L D C O O K C O U N T Y C H A R R E T T E
Reuse Scenario 2 – Mixed-Income Residential and Retail
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O L D C O O K C O U N T Y C H A R R E T T E
Reuse Scenario 2 – Mixed-Income Residential and Retail
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O L D C O O K C O U N T Y C H A R R E T T E
Reuse Scenario 2 – Mixed-Income Residential and Retail
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O L D C O O K C O U N T Y C H A R R E T T E
Total Development Costs
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Mixed-income residential and ground-floor retail
Total Development Cost: $93,487,320Cost per square foot: $264.31
CAPITAL STACKDebt Balance:
$53,552,166LIHTC:
$6,451,877FHTC:
$15,527,610TIF:
$10,345,921Land:
$ 4,000,000Developer Equity: $ 1,869,746Donation Tax Credit: $ 1,740,000
Office and ground-floor retail
Total Development Cost:$82,276,570Cost per square foot: $233.62 CAPITAL STACKDebt Balance:
$41,138,285Developer Equity:$15,630,998FHTC:
$15,507,287TIF:
$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 L D C O O K C O U N T Y C H A R R E T T E
Site Plan for Future Development
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O L D C O O K C O U N T Y C H A R R E T T E
Great Reuse Spaces in Chicago
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Ballroom to recreation room
Randolph Tower - Randolph and Wells, Chicago
Photo: Hartshorne Plunkard Architecture
Photo: Patsy McEnroe Photography
O L D C O O K C O U N T Y C H A R R E T T E
Great Reuse Spaces in Chicago
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Office to residential
Hairpin Lofts- Logan Square, Chicago
Photo: Patsy McEnroe Photography
O L D C O O K C O U N T Y C H A R R E T T E
Great Reuse Spaces in Chicago
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Photo: Jamie PadgettPhoto: Landmarks Illinois
O L D C O O K C O U N T Y C H A R R E T T E
Unique Opportunity – Heritage Tourism
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Photo: Yale-New Haven Hospital
Photo: Lewis O’BrienPhoto: Lisa DiChiera
Photo: Courtesy ArchitectureChicago Plus
O L D C O O K C O U N T Y C H A R R E T T E
Unique Opportunity – Heritage Tourism
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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 turnedlecture hall
Photo: Getaway Mavens
O L D C O O K C O U N T Y C H A R R E T T E
Many thanks to the Landmarks Illinois Team!
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