Invest South/West Announces $126 Million In New Projects In Humboldt Park And South Shore
CHICAGO (CBS) -- The city's INVEST South/West program, an initiative to stimulate development in disadvantaged neighborhoods, is celebrating its second anniversary.
To date, the program has generated $1.4 billion in investments in communities on the South and West sides.
Three new projects were announced Thursday, totaling more than $126 million in new investments in Humboldt Park and South Shore:
- The Ave, in Humboldt Park, a $25.3million plan for a mix of apartments and retail space at the corner of Chicago and Central Park avenues. The project includes 44 residential units, a restaurant, gym, daycare space, and new offices for Neighborhood Housing Services.
- Team Pioneros, in Humboldt Park, a $53.9 million proposal to redevelop the vacant Pioneer Bank building at North Avenue and Pulaski Road, with an entrepreneurial incubator space, cultural center, and offices. A parking lot north of the bank will be redeveloped into a nine-story building with affordable housing, offices for Humboldt Park Family Health, and a possible library branch.
- Thrive Exchange, in South Shore, a $47.3 million mixed-use project near the Cheltenham/79th station on the Metra Electric line. The project will include 39 apartments and restoration of the historic Ringer Building at 79th and Exchange for condos and commercial space.
"Two years ago, these three locations were virtually ignored by the development community. Today, they're being proposed for more than $126 million in improvements," Chicago Department of Planning and Development Commissioner Maurice Cox said in a statement. "This is what equity paired with action looks like."
Designs for seven other INVEST South/West projects also are being finalized and expected to break ground next year, including:
- A $51.5 million mixed-use, affordable housing project at Ashland Avenue and 47th Street in New City
- A $37.5 million rehabilitation project for the former Laramie State Bank Building at Chicago and Laramie avenues in Austin
- A $31.4 million mixed-use, mixed-income complex at Ogden and Homan avenues in North Lawndale
- A $23.5 million mixed-income, mixed-use development on the 8800 block of South Commercial Avenue in South Chicago
- A $19.4 million mixed-use, affordable housing project at Halsted and 79th streets in Auburn Gresham
- A $19.2 million mixed-use, mixed-income development at 47th Street and Vincennes in Bronzeville
- A $10.3 million "eco-food hub" that will create new culinary and event space that includes a historic fire station near 63rd and Halsted streets in Englewood
