The Chicago City Council approved a redevelopment agreement with Thrive Exchange LLC for the development of low-income furnished housing at 7901-7907 and 7911 S Exchange Ave. The project will involve the acquisition of city-owned vacant land at 7909 S Exchange Ave, which will be combined with adjacent parcels owned by Thrive Exchange LLC. The development, part of the city's INVEST South/West initiative, will include a six-story apartment building with 43 affordable rental units and 2,760 square feet of commercial space, catering to low- and moderate-income families. The project is financed through a combination of funding sources, including $19,175,000 in housing revenue notes, $5,700,000 in loans from Chicago's Multi-Family Program Funds, and $1,000,000 from the Chicago Recovery Plan funds.
This redevelopment project addresses critical housing needs in Chicago's Avalon Park/South Shore area while promoting economic growth through commercial development. It aligns with the city's strategic goals of revitalizing underutilized land and enhancing community resources.