Old Cook County Hospital Charrette

Old Cook County Hospital Charrette 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

Old Cook County Charrette

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: • 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 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. Cook County Hospital served us for almost a century; now, we can unlock its continued value through adaptive reuse. Old Cook County Charrette Cook County Hospital is a Landmark in every sense of the word

Old Cook County Charrette Reuse Scenario 1 – Office and Retail

Old Cook County Charrette Reuse Scenario 1 – Office and Retail Photos: Jamie Padgett

Old Cook County Charrette Reuse Scenario 2 – Mixed-Income Residential and Retail

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 Old Cook County Charrette Total Development Costs 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 Charrette Site Plan for Future Development

f Old Cook County Charrette Great Reuse Spaces in Chicago Ballroom to recreation room Randolph Tower - Randolph and Wells, Chicago Photo: Hartshorne Plunkard Architecture Photo: Patsy McEnroe Photography

f Old Cook County Charrette Great Reuse Spaces in Chicago Office to residential Hairpin Lofts- Logan Square, Chicago Photo: Patsy McEnroe Photography

Old Cook County Charrette Great Reuse Spaces in Chicago Photo: Landmarks Illinois Photo: Jamie Padgett

ggg Old Cook County Charrette Unique Opportunity – Heritage Tourism Photo: Yale-New Haven Hospital Photo: Courtesy ArchitectureChicago Plus Photo: Lewis O’Brien Photo: Lisa DiChiera

Univ. of Pennsylvania, Penn Hospital - "time capsule of surgery." Old Cook County Charrette Unique Opportunity – Heritage Tourism Brigham and Women’s Hospital, Boston – surgical amphitheater turned lecture hall Photo: Courtesy Death’s Head and the Sickly Child Photo: Getaway Mavens Photo: Courtesy Brigham and Women’s Hospital

Old Cook County Charrette Many thanks to the Landmarks Illinois Team!

Old Cook County Hospital Charrette