Chicago Announces Additional $ 200 Million in South and West Sides Real Estate Developments to Boost Development
Chicago has announced a $ 200 million mixed-use real estate development project in underserved communities as part of Mayor Invest South / West’s initiative to spur development in these areas.
The Chicago Planning Department selected four projects for South Chicago, North Lawndale, Bronzeville and New City. The projects are expected to include more than 215 residential units and 40,000 square feet of commercial space on vacant or underutilized sites, according to Crain’s.
“One of my highest priorities is to bring catalytic investments to our southern and western communities, which have gone far too long without revitalization,” Chicago Mayor Lori Lightfoot said in a statement. . “These new projects will allow us to do just that and represent an important collaboration between our municipal services and the communities we serve.”
United Yards is the most ambitious multi-purpose project at $ 51.5 million. A joint venture of Celadon Partners and the Blackwood Group is looking to redevelop vacant city-owned land at 1515 W. 47th St. with an affordable 50-unit apartment building. Additional phases will also allow the redevelopment of a vacant four-story building at 4701 S. Ashland Ave. with 30 rental apartments for the elderly and a café on the ground floor.
The Lawndale Redefined Project is a $ 31.4 million joint venture of GRE Ventures, Imagine Group and 548 Development. Lawndale Redefined will be located on Ogden Avenue between Homan Avenue and Trumbull Avenue and will feature 60 mixed-income apartments, three townhouses, retail space and a self-contained community center.
Other projects include Galleria 89 and Legacy District. Galleria 89 is a $ 23.5 million project that will create a four-story building with 35 mixed-income apartments and rehabilitate an existing three-story building with 10 mixed-income apartments in South Chicago.
The joint venture between KMW Communities and LG Development will develop the Legacy District, a $ 19.2 million project that will construct a six-story building with 12,000 square feet of commercial space and 25 mixed-income residential units in Bronzeville.
This is the second round of Mayor Lightfoot’s announcement of the investment proposal selections. The announcement of $ 67 million in investment proposals for developments in the Austin, Auburn Gresham and Englewood neighborhoods came in early March. Mayor’s Invest South / West Initiative three-year program plans to invest $ 750 million in developments in 10 neighborhoods on the south and west sides.
In March, Lightfoot also proposed an overhaul of the Chicago Affordable Ordinance. She called for doubling the number of affordable units required in new construction, which opponents say will discourage development.
The city will review the proposed developments with the Planning Commission and the city council. The projects are expected to be approved within an accelerated timeframe of less than six months and begin construction by 2022.
[Chicago Tribune] – Connie kim