Construction will begin immediately on renovations to the Old Cook County Hospital in the medical district on the Near West Side, according to officials. “This beautiful historic building has sat empty and unused for far too long,” said Cook County Board President Toni Preckwinkle in a press release. “The redevelopment of Old Cook County Hospital will unlock tremendous economic potential in this community and provide much-needed amenities for residents and visitors to this area.” The Civic Health Development Group, which is spearheading the project says it’s secured $135 million in funding, and the project will receive around $24 million in tax credits. A dual-branded 210-room Hyatt House/Hyatt Place hotel will be the first tenants of the rehabilitated block-long property, which will also include 1,000 square feet of medical office space and 25,000 square feet of retail space. Officials say the development plan is valued at more than $1 billion.