Old Cook County Hospital Charrette 1 Landmarks Illinois Team Members Bonnie McDonald President Landmarks Illinois Alicia Berg Chair Will Tippens ViceChair Joe Antunovich AIA Clark Christensen Assoc AIA ID: 763634
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Old Cook County Hospital Charrette 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 VoshelOctober 7, 2014 @ Chicago Architecture Foundation
Old Cook County Charrette2
Old Cook County CharretteCook 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:architecturesocial and medical advancements to the health care field nationwide. Adaptive reuse is realistic and financeable:cost-effective approach with use of preservation incentivesaccommodates new construction now or in a future phase Two reuse approaches are: office and retail 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 incentivesRehab 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.
Old Cook County CharretteReuse Scenario 1 – Office and Retail4
Old Cook County CharretteReuse Scenario 1 – Office and Retail5
Old Cook County CharretteReuse Scenario 1 – Office and Retail6 Photos: Jamie Padgett
Old Cook County CharretteReuse Scenario 2 – Mixed-Income Residential and Retail 7
Old Cook County CharretteReuse Scenario 2 – Mixed-Income Residential and Retail 8
Old Cook County CharretteReuse Scenario 2 – Mixed-Income Residential and Retail 9
Old Cook County CharretteTotal Development Costs10 Mixed-income residential and ground-floor retailTotal Development Cost: $93,487,320Cost per square foot: $264.31CAPITAL STACKDebt Balance: $53,552,166LIHTC: $6,451,877FHTC: $15,527,610TIF: $10,345,921Land: $ 4,000,000Developer Equity: $ 1,869,746Donation Tax Credit: $ 1,740,000Office 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.
Old Cook County CharretteSite Plan for Future Development 11
Old Cook County CharretteGreat Reuse Spaces in Chicago f 12 Ballroom to recreation roomRandolph Tower - Randolph and Wells, ChicagoPhoto: Hartshorne Plunkard ArchitecturePhoto: Patsy McEnroe Photography
Old Cook County CharretteGreat Reuse Spaces in Chicago f 13 Office to residentialHairpin Lofts- Logan Square, ChicagoPhoto: Patsy McEnroe Photography
Old Cook County CharretteGreat Reuse Spaces in Chicago 14 Photo: Jamie Padgett Photo: Landmarks Illinois
Old Cook County CharretteUnique Opportunity – Heritage Tourismggg 15 Photo: Yale-New Haven Hospital Photo: Lewis O’BrienPhoto: Lisa DiChieraPhoto: Courtesy ArchitectureChicago Plus
Old Cook County CharretteUnique 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 ChildBrigham and Women’s Hospital, Boston – surgical amphitheater turnedlecture hallPhoto: Getaway Mavens
Old Cook County CharretteMany thanks to the Landmarks Illinois Team! 17