A recently-announced partnership between developers Guggenheim Real Estate, Focus Development, and Atlantic Realty Partners is poised to transform a 5.6-acre site located in the middle of Illinois Medical District on Chicago’s west side. Brokered by local firm KIG, the $265 million joint venture looks to add roughly 500 new rental units by rehabbing the existing 410-unit Medical District Apartments — currently owned by Guggenheim — and constructing a pair of new 250-unit residential buildings on nearby surface lots along Ashland at Polk and Taylor.

The team hopes to take advantage of the site’s unique positioning between UIC and the rapidly-expanding Illinois Medical District and is betting on energy from the booming West Loop to migrate southward. "The strong performance of the asset and the combination of adjacent institutions, transit resources, and the rich backdrop of the Little Italy neighborhood make the opportunity highly attractive," said Focus CEO and president Tim Anderson via prepared statement.

Requiring a zoning change to move forward, the project will likely go before the community at a meeting to be hosted by 28th Ward Alderman Jason Ervin at a future date, reports Crain’s.