The Community Development Commission has approved $10.2 million in TIF funding and a land sale for Thrive Exchange, a mixed-use development planned for 7901 S. Exchange. As the winner of a recent Invest South/West RFP, the project will reactivate the intersection at the 79th St Metra stop. Planned by DL3 Realty, the commission solely considered the southern building out of the multi-building plan.
Designed by KOO, the project will encompass a six-story mixed-use building topping out at 76 feet with a new landscaped plaza. The development will deliver 43 affordable workforce housing units renting at 60% AMI, split into 4 studios, 20 one-beds, and 19 two-beds. Unit rents will average $960/month for studios, $1,075/month for one-beds, and $1,295 for two-beds. The ground floor of the building will also hold retail space as well as an office space for Neighborhood Housing Services.
Through the design process, massing options studied included a low-rise, mid-rise, and high-rise building for the site. The current design reflects the mid-rise option, allowing for small green spaces on the ground floor while creating enough density to activate the area. A retail plaza will face the Metra tracks and the intersection, with a tenant amenity deck on the second floor overlooking it.
Residents will access the building off S. Exchange Ave with a dedicated bike room entry also along the west side. Residents will park on a surface lot holding 45 spaces along the Metra tracks before entering through a rear door.
The facade is drawn from the context of the Ringer Building, with choices selected to complement its materiality. A warm brick mix will be paired with copper metal panels at the window and lower recessed spaces. The arched openings draw from the arches at the Ringer Building.
The $26.3 million project will be funded with a $2.5 million 1st mortgage, $10.2 million in TIF funding, $2.6 million in multifamily loans from the Chicago Recovery Plan, a $170,000 ComEd energy grant, $10.6 million in LIHTC equity, and a $100,000 deferred developer fee. With the parcel at 7909 S. Exchange currently owned by the city, the commission has also approved the sale of the one parcel for $1.
With the Community Development Commission’s approval of the proposed TIF funding and land sale, the project can move forward with drafting a redevelopment agreement with the city. The developers will need approval from the City Council to receive the TIF funding and land conveyance. The $10.2 million TIF financing would be split into three payments of $3.4 million paid out at 33%, 66% and 100% completion of the building.