BACK OF THE YARDS — A project with affordable housing, space for local businesses and a federally qualified health care center got a funding boost from the City Council on Wednesday.
Alderpeople approved $5 million in tax-increment financing funds for United Yards, which will transform the lot at 1515 W. 47th St.
Part of Mayor Lori Lightfoot’s Invest South/West initiative, the development broke ground last month after years of planning. It is estimated to cost $58 million.
Celadon Partners, Blackwood Group and the team behind Back of the Yards Coffeehouse are developing the project. It spans three blocks and will have a particular focus on providing a home for and boosting local businesses.
The development will be done in phases, with the focused on revitalizing the Goldblatt’s building at the southwest corner of 47th Street and Ashland Avenue into a 15,000-square-foot, federally qualified health center and 7,200 square foot of locally owned retail space.
La Selva Apparel Company, Back of the Yards Coffeehouse, Aracely’s Bakery and Back of the Yards Barbershop will operate out of the Goldblatt’s building, project leaders said.
Another local business, Somos Monos Cerveceria, will open inside a 6,500-square-foot building at 1641 W. 47th St.
The project’s second phase focuses on building affordable housing, with 51 apartments and a pair of three-flats at 1515 W. 47th St. and 4706-08 S. Marshfield Ave. There will also be a 7,000-square-foot technology training facility inside the 47th Street building.
The affordable apartments will be for people earning up to 60 percent of the area’s median income.
The first and second phases are expected to wrap by the end of 2024.
The old Rainbow building at 4701 S. Ashland Ave. will be converted into independent senior living apartments in the project’s third phase.
The Chicago Department of Transportation will also kickstart $44 million in upgrades along Ashland Avenue from 43rd to 49th streets and along 47th Street between Loomis Street and Hoyne Avenue to make the area more pedestrian-friendly, city leaders said.
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