January 11, 2021
An uninhabited, four-story building in the South Side’s Auburn Gresham community will certainly be redeveloped as a healthy and balanced living hub through Tax Increment Funding (TIF) assistance authorized just recently by the Chicago City Council. The $15.9-million job at 839-45 W. 79th St. will certainly consist of clinical workplaces for support lessee UI Wellness.
TIF help as much as $2.1 million will sustain the 51,000-square-foot project by the Greater Auburn-Gresham Development Corp., which will relocate its head office right into the structure. Various other financing resources will include $4 million from the Community Growth Block Grant program, a $3-million Chicago Prize grant from the Pritzker Traubert Foundation, $2.8 million in New Markets Tax Credit scores equity, and a private car loan.
The building is located in one of the 10 concern areas picked as part of the City’s INVEST South/West campaign, planned to spur brand-new development along commercial hallways on Chicago’s South and West Sides.
Rendering courtesy of GADC.
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