Chicago announces an additional $200M in real estate developments on South and West sides to spur development

Mayor Lori Lightfoot and a representation of United Yards, the most ambitious of the projects (City of Chicago)

Chicago announced a proposed $ 200 million mixed-use property development in underserved communities as part of the Mayor’s Invest South / West initiative to help drive development in these 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 unused lots.

“One of my top priorities is enabling our South and West Side communities to have catalytic investments that have taken far too long without revitalization,” Chicago Mayor Lori Lightfoot said in a statement. “These new projects will enable us to do this and represent an important collaboration between our urban departments and the communities we serve.”

Lawndale redefined

United Yards is the most ambitious multi-use project valued at $ 51.5 million. A joint venture between Celadon Partners and the Blackwood Group intends to refurbish vacant, city-owned property at 1515 W. 47th St. with an affordable 50-unit home. In subsequent phases, an empty four-story building at 4701 S. Ashland Ave. renovated with 30 apartments for the elderly and a café on the ground floor.

The Lawndale Redefined Project 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 mixed income apartments, three townhouses, retail space and a standalone community center.

Gallery 89

Other projects are Galleria 89 and Legacy District. Galleria 89 is a $ 23.5 million project that will create a four-story 35 mixed-income building and renovate an existing three-story 10 mixed-income building 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.

Legacy District

This is the second round of Mayor Lightfoot’s investment proposal selection announcement. The announcement of $ 67 million in investment proposals for the Austin, Auburn Gresham and Englewood developments was made in early March. The mayor’s three-year program “Invest South / West Initiative” plans to invest 750 million US dollars in developments in 10 districts on the south and west sides.

In March, Lightfoot also proposed a revision of Chicago’s Affordable Ordinance. She called for a doubling of the affordable units required in the new building, which, in the opinion of the opponents, would discourage development.

The city will examine the proposed developments with the planning commission and the city council. The projects are expected to be approved on an accelerated schedule of less than six months and begin construction by 2022.

[Chicago Tribune] – Connie Kim

Connie Kim. to contact