The $19.2 million project at 47th Street and Vincennes Avenue could be completed as soon as 2023.
GRAND BOULEVARD — A multi-million dollar residential and commercial complex coming to the 47th Street corridor could start construction next year, developers said at a community meeting Wednesday.
The Legacy District, a $19.2 million project led by KMW Communities, LG Development and Bronzeville Community Partners, beat two other proposals to win an Invest South/West bid last month. It will turn .6 acres of vacant land at 47th Street and Vincennes Avenue into a six-story building.
Developers plan a 74,000-square-foot mix of retail and residential space, with 25 condo units. Five of them would be affordable two- and three-bedroom units that may run between $120,000-$190,000 but pricing ultimately would be up to the city to decide, said LG Development CEO Brian Goldberg.
Department of Planning and Development Commissioner Maurice Cox previously said that offering condos instead of apartments was a major boon. Developers said the Legacy District can be a “wealth-building opportunity” for Bronzeville residents, and are partnering with CIBC Bank — which recently opened a branch in the neighborhood — to offer assistance to first-time homebuyers.
Other amenities would include private balconies, a green rooftop farm, a gym, a clubroom with a skydeck terrace and a mail room.
The team has letters of intent from four tenants, three of them restauranteurs: the YWCA, Dream Chef Kitchen, The Delta and chef James Garron.
Developers also say they have enlisted Tandem Ventures, an economic development agency, to help with community outreach and attract minority- and women-owned contracting companies to the projects.
KMW Communities Founder Bill Willams said the team expects to break ground in 2022, and finish construction in 2023. In the meantime, they’re looking to the community to help shape the project’s final version.
A virtual roundtable is scheduled for 4 p.m. Sept. 29. People can join via Zoom using this link: bit.ly/BronzevilleRoundtable.
Original post: blockclubchicago.com