CHICAGO, Feb. 3, 2022 /PRNewswire/ -- GRIT, a joint venture between six diverse firms committed to redeveloping the former Michael Reese Medical Campus on Chicago's South Side, today announced a partnership with leading real estate services firm JLL to market the Bronzeville Lakefront megadevelopment.
GRIT's partners — Farpoint Development, Bronzeville Community Development Partnership, Chicago Neighborhood Initiatives, Draper & Kramer, Loop Capital and McLaurin Development — spent four years designing the mixed use megadevelopment to bring transformative assets to this 100-acre site on Chicago's South Side that will spur economic growth, put a sustainable ecosystem in place, attract diverse tenants and be a healthy community of the future.
Now with the wheels of the multibillion-dollar development in motion and accelerating quickly, JLL will be a key partner to market the project, which will include mixed-income housing, retail, offices and life sciences real estate.
The first phase of Bronzeville Lakefront will include the 500,000-square-foot Bronzeville Innovation Center powered by the Chicago ARC, a life sciences accelerator developed in partnership with Israel's Sheba Medical Center. The Innovation Center will foster a thriving live, work, play and learn environment at Bronzeville Lakefront, while Chicago ARC will focus on pioneering healthcare startups that are working on solutions to urgent health issues that impact local and global communities.
JLL brings a unique skill set marketing Bronzeville Lakefront
"Bronzeville Lakefront is not a straightforward commercial real estate development. It's complex — and it carries weight far beyond economics," said Farpoint Development Principal Eric Helfand. "For us, the most important criteria in selecting a marketing firm went beyond deep expertise in marketing office, retail and life sciences leasing opportunities. We also wanted our leasing partner to have a genuine belief in the project.
"This is about more than selling buildings," Helfand explained. "It's about a once-in-a-generation opportunity to have positive impacts on the surrounding community, to break negative social and economic cycles and to reverse them with a healthy and vibrant Bronzeville that will set an example for inclusive development, not just in Chicago, but nationwide."
"What we love about this project is the developer's focus on building a multi-disciplinary and holistic campus for innovation," JLL Senior Managing Director Brad Despot said. "While life sciences are integral to the development, the vision also extends to a diverse array of technologies and tenants that are driven by a health equity North Star.
Potential for a profound impact
Beyond its revolutionary life sciences center, Bronzeville Lakefront is unique in other respects. While most megadevelopments in Chicago and beyond are situated in affluent neighborhoods, this project is in Bronzeville, a predominantly Black but socioeconomically diverse community on the city's South Side. While Bronzeville is, and has always been, a thriving hub for Black arts, culture and entrepreneurship, it has suffered disinvestment and population loss in recent decades. Bronzeville Lakefront, which is expected to generate $8.2 billion in direct and indirect economic impact, is positioned to have a profound impact on the surrounding community by fostering sustainable growth.
Moreover, diversity and equity are built into the foundation of the project. Among GRIT's owners, half are Black, and one is a local community organization. The developers have pledged to execute Bronzeville Lakefront in a thoughtful and inclusive fashion. Before choosing JLL, GRIT undertook an extensive review of real estate marketing firms with that mission top of mind.
Multifaceted development hinging on diversity
Given the scope of Bronzeville Lakefront, GRIT sought a marketing firm with a global presence, along with a deep health sciences expertise and a substantial team of experts. Firms under consideration were also expected to demonstrate an internal and external commitment to diversity, equity and inclusion (DEI).
"This whole project started with being inclusive and ensuring diversity, and that's intended to carry throughout every level of the development, including our partners and vendors," Helfand said. "We asked every potential marketing firm how they are implementing a DEI strategy in their own firm, and how they would be cognizant of our needs in executing and partnering with us on the site. DEI was very top of mind for JLL."
That allegiance to DEI, along with JLL's global footprint and wealth of experts, led to the firm's selection as Bronzeville Lakefront's leasing agent. JLL will bring a team of experts in office leasing, life sciences solutions, retail and land strategy to market the development.
JLL also has deep expertise in marketing complex commercial real estate projects, which will be pivotal in its partnership with GRIT.
Due to its scale and intricacy, Bronzeville Lakefront will be completed over an approximately 20-year period. When finished, the community will include 10 acres of open space to promote wellness and recreation, naturally manage stormwater and improve air quality; upgrades to pre-existing infrastructure, including new streets and a new Metra station at 31st Street; and the transformation of Cottage Grove into a thriving commercial corridor.
When complete, Bronzeville Lakefront will fill in the last unclaimed section of Chicago's iconic skyline. JLL Senior Vice President Jackie Shropshire added, "To intentionally bring this inclusive development to such a significant location and a historically Black community in one of our nation's largest cities makes it a truly exceptional and unrivaled project."
About GRIT
GRIT is a joint venture comprising Farpoint Development, Bronzeville Community Development Partnership, Chicago Neighborhood Initiatives, Draper & Kramer, Loop Capital and McLaurin Development to redevelop the former Michael Reese Hospital site in Chicago's Bronzeville community. The 100-acre, multibillion-dollar development is master planned as a vibrant, mixed-use, walkable, live-work-learn-play community with more than nine acres of sustainability-oriented green space. It will be anchored by the Bronzeville Innovation Center, which will encompass innovative life sciences, medical and bioscience offices, wet lab space and university partnership sites and be powered by the Chicago ARC, a life sciences accelerator developed in partnership with Israel's Sheba Medical Center and Kaleidoscope Health Ventures. Bronzeville Lakefront's offerings will include affordable, senior and workforce homes, retail options, restaurants and office space that will be home to major companies and organizations.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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