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Inflation Pushes Cost Estimate on Woodlawn Central Project to $800M
The estimated cost of Woodlawn Central, a mixed-use development in Chicago’s Woodlawn neighborhood, has increased by one-third since the start of this year, the Chicago Sun-Times reported.
J. Byron Brazier, lead developer on the project, pegged the overall investment at $800 million due to inflation, compared with $600 million when details were first laid out in early 2022. It’s slated for eight acres owned by the Apostolic Church of God, and will include apartments, a hotel, commercial space and a parking garage.
Brazier told the Sun-Times the higher costs haven’t discouraged interested partners from inquiring about the project.
“We are looking at who we can have the best working relationship with,” Brazier said, emphasizing the church’s long-term interest in controlling the development.
The church has about 20,000 members, a sizable percentage of Woodlawn’s population. The neighborhood has dwindled to fewer than 25,000 residents, compared to 80,000 in the 1960s.
- ◦Development
