Chicago Southwest Development Corporation seeks to raise to raise around $600 million for the “Focal Point” community development, after the city of Chicago agreed to provide a vacant 11-acre site, formerly campus of the Washburne Trade School, at the southwest corner of Kedzie Ave. and 31st St.
“This new development will help give back to this area and provide it with a fresh new face that brings jobs to our local residents,” said U.S. Rep. Danny Davis (D-7th). “There is some hard work ahead as we raise money to get this project over the finish line, but we do not shy away from new challenges.” Other officials, including Mayor Rahm Emanuel and state Sen. Dick Durbin, have also voiced their support.
Chicago Southwest Development Corporation has partnered with Saint Anthony Hospital to lead the project. According to current plan, the more than one million sq. ft. complex will house retailers, hospitality and childcare centers, an outpatient and specialty clinic, education, creativity and recreational centers. as well as St. Anthony Hospital’s newly expanded facility and wellness programs.
The development corporation says it is focusing on financial sustainability, with a plan to support non-profit elements through for-profit services.
The project leaders propose to raise the money through a mixture of foundation, individual donation, grants, corporate support, loans, market tax credit and other methods.
The planners expect to complete the project by 2018, though the start date is yet to be decided.