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A plan for a multidecade, $3.8 billion redevelopment of the former Michael Reese Hospital site won a key city approval Thursday amid praise for its economic impact and its respect for the surrounding community.
The approval by the Chicago Plan Commission bolsters hopes that construction on a first phase can start in a few months. But the overall project remains susceptible to changes in the market and specific buildings will require future public reviews.
In all, the zoning classification recommended for the South Side site near the lakefront allows for 7.8 million square feet in a mix of uses. It calls for 4,800 residential units, with the investor team led by Farpoint Development committing to setting aside 20% of them at reduced rents for people with moderate incomes.