|Illustration by DStratis|
Nearly $3 Billion in Private and Public Funds to Bolster Neighborhoods Developments, Seize Opportunities
As part of a holistic and strategic vision to foster and seize upon growth and development in neighborhoods across Chicago, Mayor Rahm Emanuel today announced nearly $3 billion in private and public development projects in seven targeted Chicago neighborhoods through a new “Opportunity Planning” initiative. The neighborhoods include Englewood, Pullman, Rogers Park, Uptown, Little Village, Bronzeville, and the Eisenhower Corridor.
“Each of these areas is unique and full of potential and the City will play an important role in supporting their growth. Economic development and a neighborhood’s success are reliant upon the support and strategic vision these ‘Opportunity Area’ plans provide,” said Mayor Emanuel. “The City of Chicago in coordination with the private sector has a vital role to play to help communities showcase and support their entertainment, economic and cultural assets. Only then will Chicago be able to live up to its potential as the global city that it should be.”
City departments and sister agencies began convening last Fall and Winter to discuss how past, current, and future projects can foster certain synergies for area residents and businesses to help them attract more visitors and economic activities.
The City will be leveraging $2.9 billion – including $330 million public funding and $2.6 billion in private funding – in new economic development, housing, and quality of life improvements for residents and businesses.
“These areas already have momentum. The initiative will coordinate ongoing progress with strategic investments to produce faster and more sustainable results,” said Andrew J. Mooney, commissioner of the Department of Housing and Economic Development (DHED).
The City of Chicago has identified key community development areas as part of a comprehensive effort to maximize opportunities for neighborhood growth and community improvement.
Based on potential impact and need, seven geographic areas were identified for opportunity-based development initiatives. Current and future development projects in each area total more than $2.9 billion. Public funding includes a variety of federal, state and local sources, including bonds, Tax Increment Financing, land sales, and the capital budgets of sister agencies.
The following are the goals and highlights of each Opportunity Area:
GOAL: Solidify Uptown as destination for destination-oriented entertainment and ethnic culture.
- Enhance Broadway and Lawrence Avenue with pedestrian friendly streetscaping.
- Revitalize the Wilson CTA station as a pedestrian-friendly community anchor.
- Maximize existing facilities for entertainment and nightlife.
- Enhance Argyle Street as a center for Asian culture and cuisine.