The woman was crossing W. Addison Street at N. Janssen Ave. around 6:10 p.m. when she was struck by a Hyundai Elantra, according to Chicago police. The driver fled the scene.
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The woman was taken to Advocate Illinois Masonic Medical Center in serious condition, police said.
Neighbors said they saw police searching the surrounding area.
"They started blocking off the roads here and then buzzing, circling the block, so I thought they were after somebody, you know, judging by they were in and out of the alleys," Corry Lee said.
Those who live on the block said they often see drivers speed through this same intersection, many running the stop sign.
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"People really whip through this intersection, they go pretty fast," said Audrey Allen. "It's just scary to see that someone wouldn't stop."
"Some of of the stop signs right here, they just go right through them," Lee added.
Police are still looking for the driver. No additional details about the vehicle have been released.