CPD said two male pedestrians were attempting to cross all lanes of the 800-block of southbound North Jean-Baptiste Pointe DuSable Lake Shore Drive about 5:25 a.m., when a BMW X-3 hit one of them.
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The two were not in a crosswalk, police said.
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He was taken to Northwestern Memorial Hospital, where he died.
The man has not yet been identified.
The second pedestrian was not injured.
The 63-year-old male driver involved in the crash was also taken to Northwestern for panic symptoms, police said.
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Chicago police blocked all southbound lanes at Chestnut Street, and traffic appeared to be backed up to Division Street around 6:30 a.m.
The lanes reopened about 9:15 a.m., but the morning rush hour gridlock extended far beyond DuSable Lake Shore Drive.
Commuters found themselves stuck or taking detours as police investigated the crash scene for more than three hours.
The Major Accident Investigation Unit is responding.