Chicago (CBS) — The city’s INVEST South / West program, an initiative that stimulates the development of underprivileged areas, is celebrating its second anniversary.
To date, the program has generated $ 1.4 billion in investment in the South and West communities.
Three new projects were announced on Thursday, with new investments in Humboldt Park and the South Shore totaling more than $ 126 million.
- Humboldt Park Avenue is a $ 25.3 million plan that combines apartments and retail space on the corners of Chicago and Central Park Avenue. The project includes 44 housing units, restaurants, gyms, day care spaces, and new offices for neighborhood housing services.
Rendering of The Ave, a $ 25.3 million development project on the corner of Chicago and Central Park Avenue. (Source: KMW community)
- Team Pioneros in Humboldt Park will redevelop the vacant Pioneer Bank building on North Avenue and Plaskey Road with an entrepreneurial incubator space, cultural center and offices for $ 53.9 million. I made a suggestion. The parking lot north of the bank will be redeveloped into a nine-story building with affordable housing, Humboldt Park Family Health offices, and a possible library branch.
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Rendering of plans to redevelop the vacant Pioneer Bank building in Humboldt Park. (Credit: Chicago)
- South Shore Thrive Exchange, $ 47.3 Million Multipurpose Project Near Cheltenham / 79NS Metra Electric Line station. The project includes the restoration of 39 apartments and 79 historic Ringer Buildings.NS Exchange for condominiums and commercial spaces.
Rendering of the ThriveExchange project to redevelop South Shore’s historic Ringerville. (Source: Chicago)
“Two years ago, these three locations were virtually ignored by the development community. Today, they are proposed for improvements of over $ 126 million,” said Maurice Cox of the Chicago Department of Planning and Development. The committee said in a statement. “This is what fairness looks like when paired with action.”
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The design of the other seven INVEST South / West projects has also been finalized, and construction is expected to begin next year:
- A $ 51.5 Million Versatile and Affordable Housing Project on Ashland Avenue and 47th Avenue in New City
- $ 37.5 Million Rehab Project at Chicago’s Former Laramie State Bank Building and Austin’s Laramie Avenue
- A $ 31.4 million multipurpose, mixed-income complex on Ogden and Hohmann Avenues in North Lonedale
- $ 23.5 Million Mixed Income, Mixed-use Development on 8800 Blocks on South Commercial Avenue in South Chicago
- A $ 19.4 million versatile and affordable housing project on Halstead Street and 79th Street in Obernglesham
- $ 19.2 million multipurpose, mixed-income development on 47th Street and Vincennes in Bronzeville
- $ 10.3 million “Eco Food Hub” to create new food and event space, including historic fire station near Inglewood 63rd Street and Halstead Street
Invest South / West Announces $ 126 Million New Humboldt Park and South Shore Project – CBS Chicago
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