University of Chicago

Evaluation & Advisory for Innovation & Research Corridor

- Chicago, IL

  • Completion: ongoing

In 2007, the University of Chicago began a relationship with the local community and the City of Chicago to help invigorate the Hyde Park neighborhood’s 53rd Street corridor, creating a vibrant, mixed-use main street. The University has made the 53rd Street corridor the home of the Polsky Center for Entrepreneurship and Innovation, which drives venture creation and technology commercialization within the University and surrounding community. In 2014, the University collaborated with the City of Chicago and two private developers to create a mixed-use development at the intersection of East 53rd Street and Lake Park Avenue known as Harper Court.

The University of Chicago engaged Redgate to provide real estate and development advisory services related to a potential innovation and research corridor project in the Harper Court area. Some of the services Redgate is providing the University of Chicago include:

  • Identifying Best Practices in the educational and institutional communities with similar initiatives
  • Supporting the development of programmatic requirements
  • Assisting with the development and evaluation of an RFP to select a developer for the project
  • Conducting a valuation of the property, including land and air rights
  • Supporting the university in negotiating an agreement with the selected developer

Services Rendered

  • Strategic Advisory