Chicago announced a planned $ 200 million multi-purpose development in underserved areas as part of the Mayor’s Invest South / West initiative to spur development in those areas.
The Chicago Planning Department selected four projects for South Chicago, North Lawndale, Bronzeville and New City. According to Crain’s, the projects are expected to include more than 215 residential units and 40,000 square feet of commercial space on vacant or underutilized lots.
“One of my highest priorities is to attract catalytic investment in our communities in the South and West, which have gone far too long without revival,” Chicago Mayor Laurie Lightfoot said in a statement. “These new projects will enable us to do this and represent an important collaboration between our city departments and the communities we serve.”
United Yards is the most ambitious multipurpose project worth $ 51.5 million. The Celadon Partners and Blackwood Group joint venture seeks to redevelop vacant, city-owned land at 1515 W. 47th St. with the help of an affordable residential building with 50 apartments. Additional phases will also include the renovation of an empty four-story building at 4701 S. Ashland Ave. with 30 apartments for rent for the elderly and a cafe on the ground floor.
Lawndale Redefined is a $ 31.4 million joint venture between GRE Ventures, Imagine Group and 548 Development. Lawndale Redefined will be located on Ogden Avenue between Homan and Trumbull Avenues and will consist of 60 multi-income apartments, three townhouses, retail space and a separate community center.
Other projects include Galleria 89 and the Legacy District. Galleria 89 is a $ 23.5 million project that will build a 35-unit, 4-story, multi-income building and renovate an existing 10-unit, 3-story building in South Chicago.
The KMW Communities / LG Development joint venture will develop the Legacy District, a $ 19.2 million project that will build a six-story building with 12,000 square feet of commercial space and 25 mixed-income residential buildings in Bronzeville.
This is the second round of investment proposals announced by Mayor Lightfoot. In early March, a $ 67 million investment proposal was announced for developments in Austin, Auburn Gresham and Englewood. The mayor’s three-year program, Invest in the South / West Initiative, is to invest $ 750 million in development in 10 districts in the South and West.
In March, Lightfoot also offered a major overhaul Affordable Pricing Ordinances in Chicago. She called for a doubling of the required affordable units in new construction, which opponents believe will hinder development.
The city will review the proposed developments with the Planning Commission and the City Council. The projects are expected to be approved in an accelerated deadline of less than six months, with construction to begin by 2022.
[Chicago Tribune] – Connie Kim