The Chicago City Council has approved the Regal Mile Studios development located at 7700 S Stony Island Avenue in South Shore. The large triangular site is bound by S Stony Island Avenue to the east, E 77th Street to the north, and S Chicago Avenue to the southwest. Formerly the home of a Kmart, the almost seven-acre parcel now sits vacant. Regal Mile Ventures LLC is the developer behind the project, composed of Loop Capital and Derek Dudley, a producer of Showtime’s The Chi series.
The Community Development Commission has approved the $96.9 million sale of the former Michael Reese Hospital site to the developers of the Bronzeville Lakefront megadevelopment in Bronzeville. Located at 2929 S Ellis Avenue, the property is bound by E 26th Street to the north, E 31st Street to the south, S Vernon Avenue to the west, and S Lake Park Avenue to the east. The developers for the site are a team called GRIT Chicago, composed of Farpoint Development, Loop Capital, Draper & Kramer, Chicago Neighborhood Initiatives, McLaurin Development, and Bronzeville Community Development Partnership.
The Chicago Plan Commission has approved the Bronzeville Lakefront Megadevelopment planned for the former Michael Reese Hospital site in Bronzeville. The 71-acre site spans a large parcel of land from E 26th Street to E 31 Street from north to south, and from S Martin Luther King Drive to S Lake Park avenue from west to east respectively. The existing Prairie Shores residential complex is included in the scope of this project, but will remain unchanged.