A new health care innovation center in Chicago will be an anchor tenant of the new Michael Reese redevelopment project in Bronzeville, and it aims to be a hub for life sciences and biotech firms while driving health equity solutions in Chicago.
The Chicago ARC Innovation Center is part of a $600 million project planned for the former Michael Reese Hospital site, a $7 billion, 100-acre Bronzeville Lakefront development that is moving forward after receiving approval from the Chicago Plan Commission last week.
The ARC Innovation Center, a joint venture led by Kaleidoscope Health Ventures and Farpoint Development, will serve as a health-tech hub that aims to grow new health ventures, a life sciences incubator, a health equity accelerator, and a home for international health care companies.
The center will start with a focus on promising Israeli startups, as ARC is being launched in partnership with Israel-based Sheba Medical Center, one of the world's top medical centers and known for its ARC (Accelerate, Redesign, Collaborate) innovation model. The Chicago ARC center will help those startups enter the U.S. market.
The Chicago ARC facility is set to open in 2023 and is currently operating out of an interim space.
The Chicago ARC will also partner with community initiatives on Chicago's South and West Side to "unlock the benefits for all residents across Illinois and the United States," according to a news release.
Health equity is among the underlying missions of the Chicago ARC center, and the initiative looks to be a catalyst for improved health outcomes for all Chicagoans.
"Here in Illinois, we have some of the best research universities on the earth, one of the largest biotech talent pools in the United States, and our medical centers are among the most respected in the world," Governor JB Pritzker said in a statement. "Those assets are just one facet of why our state is ideal for a new health innovation hub. The establishment of the Chicago ARC Innovation Center both recognizes and strengthens our reputation."
