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Jose Torres, 34, died at the University of Chicago Medical Center on Saturday evening, police said.
No arrests were made, and protesters exited the building when police entered, a university spokesperson said. The demonstrators dispersed at about 9:30 p.m.
The man was attempting to cross the roadway in the 3800 block of South Lake Shore Drive when he was hit by a vehicle going north.
The nonprofit wants to open a fourth school that would double as a venue with a bar, in a "significant step forward" as it also looks to offer an affordable performance space for artists.