Chicago is My Home

16
Jun

Chicago Officials Eyeing Michael Reese Hospital as Site For Olympic Village

Author: Adam Fendelman, Category: Business

CHICAGO – Michael Reese Hospital, which recently notified Illinois regulators that it would shut down by the end of 2008, may play a key role in Chicago’s bid for the 2016 Olympics as the future site of an Olympic village.

According to reports by the Chicago Tribune and Crain’s Chicago Business, Chicago mayor Richard Daley has marked the Michael Reese Hospital campus for redevelopment as part of its Olympic planning. An “agreement in principle” is already in place with site owner Medline Industries, according to the reports.

Founded in 1881, Michael Reese is one of the city’s oldest hospitals. Owners say increased operating costs and diminished revenue have resulted in tens of millions of dollars in losses. The facility is in disrepair and officials spent months discussing a possible closure before making their decision public in June 2008.

In a letter filed with the Illinois Health Facilities Planning Board (which must approve the closure of the hospital), Michael Reese’s landlord said it will terminate the lease between Sept. 30, 2008 and Dec. 31, 2008. The closing of the hospital would pave the way for a possible sale of the property to the city for use during the 2016 Olympics.

By Megan O’Neil