Ciere Boatright, Commissioner | Chicago
Ciere Boatright, Commissioner | Chicago
A new mixed-use residential project is planned for the Bronzeville neighborhood in Chicago, according to a proposal presented to the City Council by Mayor Brandon Johnson. The development, led by 5050 Prairie LLC, would involve constructing a $15.7 million building at 5036-46 S. Prairie Ave., featuring 49 mixed-income apartments and a restaurant on the ground floor.
To support the project, the City has proposed awarding a $4 million grant from the Neighborhood Opportunity Fund (NOF) and selling three city-owned lots for $1 each, even though their combined market value is $300,000. The NOF program uses fees collected from downtown construction projects to fund investments in commercial corridors on Chicago’s South, Southwest, and West sides. Grants of more than $250,000 require approval from the City Council.
"The NOF program allocates fees paid by downtown construction projects to support commercial corridor investment on the South, Southwest and West sides. Grant awards exceeding $250,000 require City Council approval."
The proposed development would cover approximately 66,000 square feet.
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