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.
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.