Israel medical center joins Chicago health innovation center project

Sheba Medical Center in Ramat Gan, Israel, signed on as a tenant of a new medical innovation center under development at the former Michael Reese Hospital site in Chicago, according to a March 12 Chicago Sun-Times report.

Kaleidoscope Health Ventures will manage the new building, dubbed the ARC Innovation Center. The Chicago-based startup hopes Sheba Medical Center's involvement with the project will entice other researchers and medical-related startups in areas such as artificial intelligence, data and precision surgery to join, Kaleidoscope managing partner S. Bob Chib told the publication.

Sheba Medical Center will fill up to 25 percent of the 500,000-square-foot medical innovation and research center, according to the report.

"Innovation at this site will put Chicago at the forefront of a burgeoning holistic health and wellness industry, contribute $1.8 billion to Chicago's economy over 20 years and directly address local health challenges," said Scott Goodman, partner at Farpoint Development, which is part of a joint venture leading the project.

Mr. Goodman will ask the city of Chicago for a zoning change to allow for the building; he said he hopes to begin construction in the fall of 2021 and wrap up mid-year of 2022.

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