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Deal Done To Buy Michael Reese For Olympic Village

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Jun 30, 2009 11:48 am US/Central

Deal Done To Buy Michael Reese For Olympic Village

Site Would Later Be Resold For Apartments, Condos

CHICAGO (CBS) ― The City of Chicago was expected Tuesday to confirm the deal to purchase Michael Reese Hospital and raze the campus for the planned 2016 Olympic Village.

The city plans to buy the property for $86 million, then re-sell the site to developers for condos and apartments after the Olympics.

Plans to buy Michael Reese for the Olympic Village have been under discussion for almost two years. But in September of last year, the city broke off talks with Medline, the owner of the hospital campus, after the firm refused to assume the skyrocketing cost of demolition and environmental clean-up. That cost was pegged at $32 million and rising.

But Chicago 2016 later reached an agreement with Medline to buy the 37-acre site.

The International Olympic Committee will decide on Oct. 2 whether Chicago will get the 2016 Summer Olympics, or whether it will be Madrid, Tokyo or Rio de Janeiro.

(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)

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© MMIX, CBS Broadcasting, Inc. All Rights Reserved.