January 11, 2021
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.
For comments, questions or concerns, please contact Paul Bubny