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,

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.


Reuse Scenario 1 – Office and Retail

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Photos: Jamie Padgett


Reuse Scenario 2 – Mixed-Income Residential and Retail

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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.


Site Plan for Future Development

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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



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Office to residential

Hairpin Lofts- Logan Square, Chicago

Photo: Patsy McEnroe Photography



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Photo: Jamie PadgettPhoto: Landmarks Illinois


Unique Opportunity – Heritage Tourism

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Photo: Yale-New Haven Hospital

Photo: Lewis O’BrienPhoto: Lisa DiChiera

Photo: Courtesy ArchitectureChicago Plus


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


Many thanks to the Landmarks Illinois Team!

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Documents

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,