GRAND BOULEVARD — Three development teams are vying for the chance to transform a vacant lot on 47th Street into a multimillion-dollar commercial and residential complex as part of Mayor Lori Lightfoot’s Invest South/West initiative.
The lot at 449-51 E. 47th St. is part of the historic Bronzeville corridor. A future development is meant to complement attractions nearby, including the Harold Washington Cultural Center and Gallery Guichard. The teams will have an opportunity to pitch their proposals to the community during a Tuesday virtual meeting hosted by the Chicago Department of Planning and Development. Register for the webinar here.
After the webinar, attendees will be asked to complete surveys about each proposal, which will be used by a multi-departmental city of Chicago selection committee to select a winner. The announcement is to be made in the coming months.
Fifteen proposals have been submitted for projects in Bronzeville, Back of the Yards/New City, North Lawndale and South Chicago.
The developer teams and their visions for Bronzeville:
The Legacy District
This effort — led by KMW Communities, LG Development, Bronzeville Community Partners, CICB and MB Team — envisions a 74,760-square-foot, six-story residential and commercial building with covered parking, communal roof gardens and a rooftop farm.
There would be 25 units of housing, five of them affordable, with colonnades featuring prominently on 47th Street. It’d lead to a community plaza on the corner of Vincennes Avenue. An overhang would feature artwork from a local artist.
Total cost for the project is estimated at $19.4 million.
Led by Imagine Group and Milhouse, this proposal calls for a 167,293-square-foot, 82-unit family residential building, which would feature two floors of retail/commercial space to host Black-owned businesses, national chains and business incubators.
An enclosed outdoor courtyard and theater space would be built for community performances and events. Twenty percent of the housing units would be affordable.
The developer wants to buy two adjacent parcels at 416-428 and 448-58 E. 47th St. for future development. Estimated costs come in at $57.8 million.
This plan envisions three mixed-use retail, commercial and residential sites on both sides of 47th Street between King Drive and Vincennes Avenue. The development team also aims to construct two mixed-use buildings on the north side of 47th Street, which, in total, would encompass 116,200 square feet of space.
The first building would feature 17,000 square feet of ground -loor retail space, 30 apartment units, a garden lobby and a rooftop terrace.
The second building would house 6,200 square feet of retail, commercial and office space on the first two floors and eight condominium units on the third and fourth floors.
The third building would have 5,500 square feet of ground-floor restaurant space, 1,200 square feet of atrium event space and eight live/work condominiums. There would be 30 units set aside for affordable housing.
The development team is led by Revere Properties, Chicago Neighborhood Initiatives, Loop Capital Markets and The Guichard Project.
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