Monday, December 8, 2008

Olympic Village Deal Back On

According to the Chicago Tribune, Medline (who owns the Michael Reese Hospital Land) and the city have reached an agreement for the land that the proposed Olympic Village would be built on.

Complications arose earlier this year when demolition estimates soared. The new deal is supposed to be announced on Tuesday and has Medline chipping in more money:

The newly hammered-out deal with the Mundelein-based hospital supplier raises the overall price on the 37-acre property by $1 million, but it also significantly boosts the sum the seller will contribute toward demolition and site remediation, from $20 million to as much as $32. 5 million, sources said.
As you can see by the picture below this land (highlighted in red) is prime real estate:

Good news for the Chicago 2016 bid...

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