, March 12, 2020
/PRNewswire/ -- GRIT, a joint venture composed of Farpoint Development, Bronzeville Community Development Partnership, Chicago
Neighborhood Initiatives, Draper & Kramer, Loop Capital and McLaurin Development, in partnership with Kaleidoscope Health Ventures, today unveiled a vision for a first-of-its kind "healthy neighborhood of the future" at the former Michael Reese Hospital site in Bronzeville. The partners also announced that they have signed a memorandum of understanding with the first tenant, which will anchor a global health and wellness innovation hub in Phase 1 of a mixed-use, 100-acre live-work-play development. The ARC Innovation Center, powered by Sheba, will tackle pressing health challenges, move health solutions to market, draw top global talent to the city, and spur inclusive economic development and job growth on Chicago's
South Side and throughout the city.
"We're thrilled to bring the ARC Innovation Center to the former Michael Reese Hospital site, where academic institutions, biotech and healthcare firms, and entrepreneurs will collaborate around creating new approaches to healthcare, wellness and longevity," said Scott Goodman
, Principal at GRIT. "Innovation at this site will put Chicago
at the forefront of a burgeoning holistic health and wellness industry, contribute $1.8 billion
economy over 20 years, and directly address local health challenges, including Chicago's
30-year life expectancy gap."
The development will include multi-family and affordable housing, retail, senior living, community space, and a proposed new Metra station, while the ARC Innovation Center will include wet labs, incubators, and other life science office and commercialization facilities. Building from the site's legacy of innovation and inclusive healthcare, the hub will focus on enabling health and wellness in every aspect of life. The design will be collaboratively envisioned with the community and will encompass healthy elements such as novel use of open spaces, community learning centers and use of technology to improve quality of life.
"The community of Bronzeville and the 4th
Ward welcome the opportunity to be home to a world-class health and innovation hub that will not only benefit the neighborhoods in our own back yard but also the city and society as a whole," said 4th
Ward Alderman Sophia King
. "This development will bring jobs and open careers to talented and hardworking residents as well as opportunities for small businesses owners in our community."
The hub will leverage local and global best-in-class healthcare institutions that support a large and diverse patient population to position it as the leading destination for clinical trials and product pilot opportunities and, ultimately, to take the lead in moving emerging technologies to market. Academic partners will have a place to collaborate with other academic and industry partners to accelerate basic research into commercialized products and companies, while life science startups will have access to turnkey lab and office space, support services and tailored programming so they can grow quickly with access to capital.
can lead the way in tackling health and wellness holistically to establish the city as a global health innovation cluster," said S. Bob Chib
, Managing Partner of Kaleidoscope Health Ventures. "Global collaboration that connects leading institutions and innovative startups to address shared healthcare challenges is important for improving the health, longevity and prosperity of all Chicago
Sheba Medical Center, which is located in metro Tel Aviv, Israel
, and was recently designated as one of the world's Top Ten Hospitals by Newsweek magazine, is renowned for its 70-years of dedicated healthcare innovation activities. The Innovation ARC Powered by Sheba will bring this expertise to support the development, commercialization, and scaling of new health technologies in Chicago
"The Innovation ARC Powered by Sheba represents our first physical venture within the United States
, and we are thrilled to have found the right partners in Chicago
," said Dr. Eyal Zimlichman, Deputy Director General, Chief Medical Officer and Chief Innovation Officer at Sheba. "Chicago
has a unique mix of world-class academic and research institutions, and a local government that is focused on the need to understand and solve for disparities in the accessibility, quality, and cost of healthcare, and this site in particular is ideally situated for us to collaboratively build the next generation of health innovation in the heart of a vibrant, historic community."
Phase 1 of the development is anticipated to begin in 2021. The total development will create approximately 50,000 construction and permanent jobs over 15 years with a focus on inclusive economic development and skill-building.
"When we welcomed Sheba to the first-ever Chicago-Israel Health Tech Summit more than two years ago, I was confident that it was an important beginning, and it clearly was," said Steven Collens
, CEO of MATTER. "Seeing this new venture driven by Kaleidoscope Health Ventures take root, when Sheba could have chosen anywhere in the U.S., demonstrates the value of Chicago's
uniquely collaborative healthcare environment in helping solve some of the most pressing healthcare issues of our time. This is the right investment in the right place at the right time. We look forward to working with Kaleidoscope Health Ventures to bring this vision to life."
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 development is master planned as a multibillion-dollar, walkable, live-work-play neighborhood that will be a vibrant, unique, mixed-use community that will include residences, retail options, curated restaurant offerings and office space that will be home to major companies and organizations. It will also include a health and wellness innovation hub developed in partnership with Kaleidoscope Health Ventures and anchored by the ARC Innovation Center that will encompass life science innovation centers, medical and bioscience office, wet lab space, community clinics, public fitness and sustainability-oriented green space and university partnership sites.
About Kaleidoscope Health Venture
Kaleidoscope Health Ventures is a Chicago
-based firm with a mission of building world-class, sustainable health innovation clusters. KHV brings together leading startups, partners, investors, and talent to address socioeconomic and health issues while providing high-value services to support a new wave of life sciences startups and healthcare solutions. This novel approach creates an intersection of new health solutions and healthy communities to drive wellness and longevity for all. KHV achieves this mission by connecting cross-sector partners, converging best-in-class health and wellness models, and cultivating new initiatives that accelerate the commercialization of new technologies.
About Sheba Medical Center and ARC Innovation Center
The Sheba Medical Center is a university-affiliated referral hospital that serves as Israel's
national medical center in many fields. Located near Tel Aviv
, it is the most comprehensive medical center in the Middle East
, renowned for its care and leading-edge medical practice. It is also a major medical-scientific research powerhouse that collaborates internationally with bio-tech and pharmaceutical industries to develop new drugs, treatments and technologies, and a foremost global center for medical education. As a university teaching hospital affiliated with the Sackler School of Medicine at Tel Aviv University
, it welcomes people from all over the world indiscriminately. Sheba is also promoting innovation in the ARC (Accelerate Redesign Collaboration) Innovation Center. The ARC's mission is to create an integration of research, medicine, industry and entrepreneurship as well as collaborate with other healthcare organizations to enable game-changing innovation that would have profound impact on global health. https://eng.sheba.co.il/
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