A vacant, four-story building in the South Side’s Auburn Gresham neighborhood will be redeveloped as a healthy living hub through Tax Increment Financing (TIF) assistance approved recently by the Chicago City Council. The $15.9-million project at 839-45 W. 79th St. will include medical offices for anchor tenant UI Health.
TIF assistance up to $2.1 million will support the 51,000-square-foot project by the Greater Auburn-Gresham Development Corp., which will move its headquarters into the building. Other funding sources will include $4 million from the Community Development Block Grant program, a $3-million Chicago Prize grant from the Pritzker Traubert Foundation, $2.8 million in New Markets Tax Credit equity, and a private loan.
The building is located in one of the 10 priority communities selected as part of the City’s INVEST South/West initiative, intended to spur new development along commercial corridors on Chicago’s South and West Sides.
Rendering courtesy of GADC.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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