Chicago City Wire

Mayor Brandon Johnson and Alderman Greg Mitchell, along with DL3 Realty, South Shore residents, and city officials, gathered to mark a significant milestone in the construction of Thrive Exchange. This six-story mixed-use building is located at 7905 S. Exchange Ave. It will feature 43 affordable apartments and ground-floor commercial space. The $35 million project is notable as South Shore's first multi-family development of its kind in over half a century.

Mayor Johnson expressed his enthusiasm for the project, stating: "I am thrilled to celebrate Thrive Exchange’s construction milestone and see continued progress in our mission to make Chicago the safest and most affordable big city in America." He emphasized that the city's investment aligns with efforts to use housing as a means for economic justice and opportunity.

The project was selected through a Department of Planning and Development (DPD) Request for Proposals (RFP) process due to its strategic location near the Cheltenham Metra station. DPD Commissioner Ciere Boatright noted: “The RFP targeted this site due to its proximity to a regional rail station and the 79th Street commercial corridor, making it exceptionally convenient for future tenants, workers and visitors.”

City support includes substantial financial backing such as $15.1 million from Low Income Housing Tax Credit equity, $13.1 million from Tax Increment Financing, a $6.3 million loan from the Chicago Recovery Plan, along with the sale of a City-owned lot.

Department of Housing Commissioner Lissette Castañeda highlighted the project's potential impact: “Thrive Exchange and the working-class families who call it home will serve as a catalyst for economic development in the South Shore community.” She reiterated DOH's dedication to revitalizing neighborhoods that have faced disinvestment.

The final beam of Thrive Exchange was signed by key partners including WG Affordable Housing Partners and KOO Architecture design team members. Completion is anticipated by April 2026.

Future plans involve additional construction on nearby land as well as restoring nearby buildings like the historic Ringer building on Exchange Avenue.

For more details about Thrive Exchange or Mayor Johnson’s Build Better Together initiative, visit thrive.exchange or check out information on the City website.