City Council approves Thrive Exchange South

The Chicago City Council has approved Thrive Exchange South, 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 project site is located at the southeast corner of S. Exchange Ave and E. 79th St, with a two-story existing building that will be demolished.

Designed by KOO, the project will encompass a six-story mixed-use building topping out at 78 feet with a new landscaped plaza. A retail plaza will face the Metra tracks and the intersection, with a tenant amenity deck on the second floor overlooking it. 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 bay windows and lower recessed spaces. The arched openings draw from the arches at the Ringer Building. 

The development will deliver 43 affordable workforce housing units renting at 60% AMI, split into 4 studios, 20 one-beds, and 19 two-beds. The east side of the ground floor of the building will have retail space and offices for Neighborhood Housing Services. Residents will enter the building from the west side which will also hold admin space and a bike storage room. The project will have zero parking spaces. 

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. The city-owned parcel at 7909 S. Exchange will be sold to the developer for $1.

With approval from City Council, the site will be rezoned from its current C1-2, B3-2 and RT-4 designations to a unified C1-3 with an overall Planned Development designation. With approval secured, the developers can move forward with closing on the financing package and securing permits for the construction.