The Community Development Commission has approved $4 million in TIF funding for the first phase of United Yards. Part of the winning Invest South/West RFP project, this phase is located along W. 47th St at 4700 S. Ashland, 4707 S. Marshfield, and 1641 W. 47th. Celadon Partners and Blackwood Development Partners are leading the project.
On the west side of S. Ashland Ave, the New City Supportive Living development, occupying the upper levels of the Goldblatt’s Building, is a previous project by Celadon Partners. As part of Phase 1B, the ground floor will be rehabbed into a 15,000 square-feet federally qualified health center, as well as 7,200 square feet of retail space for local, minority businesses.
Located at 1641 W. 47th, the second portion of this phase will take over a vacant lot at the corner of W. 47th St and S. Marshfield Ave. Designed by local firm DesignBridge, the new construction will be a two-story retail building measuring 6,000 square feet. Originally, the developers proposed residential facing W. 47th St when they went before the Committee on Design. Due to the fact that this would have required a zoning change, the plan was modified to place retail along W. 47th St and reorient the housing to face S. Marshfield Ave.
With the developers working with the community, each building is already set to receive retail tenants. In the Goldblatt’s building, the retail space set aside for minority small businesses will hold Back of The Yards Coffee, a T-shirt shop, a local bakery, and a barber shop. The small retail building just west of that will have a brewery in it that plans to share the building as a community gathering space as well as being the brewery.
This phase of the project is set to cost $17.4 million, set to be financed by $1.3 million in deferred developer fees, $2.475 million in lender financing, $4 million in TIF, $4.1 million in Illinois Affordable Housing tax credits, $3.9 million in New Market Tax Credits, and $1.5 million from the Chicago Community Trust.
With approval of the $4 million in TIF from the Community Development Commission, the redevelopment agreement and TIF proposal will head to City Council for a final vote of approval. If approved, the TIF will be split into a $2 million payment at issuance of the Certificate of Completion and $2 million at the one-year anniversary of the Certificate of Completion.
Once financing is in line, the developers will pull permits. Work is expected to take one year.