EDGEWATER — The former Edgewater Medical Center hospital buildings facing Ashland Avenue were officially bought by a developer and approved by the city to become residential apartment units Wednesday.
Ald. Patrick O'Connor (40th) said the city's Plan Commission approved the plan as part of MCZ Development's proposal to re-use some of the old buildings at 5700 N. Ashland Ave. for housing, including a 141-unit apartment building with 78 parking spaces.
O'Connor said he was hopeful building demolitions would begin in the spring.
Also approved Wednesday was MCZ's plans to demolish the remaining buildings to the west in order for the Chicago Park District to develop a 0.89 acre park.
Earlier, the city acquired six parcels between 1623-25 W. Edgewater Ave. and 1628-30 W. Hollywood Ave. and simultaneously got permission to then later sell the land to the Park District for development.
O'Connor said the approval process to use tax-increment financing, or TIF, funds to build the park is "still ongoing," but was "pleased that the amount of TIF funds needed will be well below what was originally contemplated."
In May, it was revealed MCZ had applied for $10.7 million in tax increment financing money for the project.
The park is just one piece of an ongoing redevelopment project of the former medical center, which includes an apartment complex, the reuse of existing buildings and new single-family homes projected to sell for more than $1 million each.
For more neighborhood news, listen to DNAinfo Radio here: