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Chicago

Unknown buyer pays $28M for redevelopment play in red-hot Illinois Medical District

The nearby Old Cook County hospital redevelopment could hint at the buyer’s vision

1926 West Harrison Street (Credit: Google Maps)
1926 West Harrison Street (Credit: Google Maps)

A hulking Illinois Medical District building with major redevelopment potential sold to an unknown buyer for $28 million, according to public records.

The nonprofit Chicago Dwellings Association, which developed the building in 1964, hired CBRE to market 1926 West Harrison Street as a candidate for redevelopment, asking $31 million. The building could also be kept as affordable housing to comply with the requirements for West Loop development, Crain’s reported.

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The building’s neighbor, the old Cook County Hospital, is undergoing a $1 billion redevelopment by Chicago developer John Murphy, who will bring in hotels, offices, and retail.

The 18-story building has been subject to complaints of roaches and heating problems, as the Illinois Medical District undergoes a flurry of development.

The buyer, registered as 1926 Harrison Prop 1 LLC, may have ties to Kayne Anderson Capital, LLC registrations show. Kayne Anderson purchased Schaumburg medical center in June 2018 for $18 million, and it does not appear to have been redeveloped.

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Affordable HousingRedevelopment