TIF Support Proposed for Makeover of New City Goldblatt’s Building
Department of Planning and Development 312.744.9267
New City’s former Goldblatt’s building at 4700 S. Ashland Ave. would be partially repurposed as a health center and retail space through $5 million in Tax Increment Financing (TIF) support introduced to City Council today by Mayor Brandon Johnson.
The 21,500-square-foot Celadon Partners and Blackwood Development Partners includes a federally qualified health center, as well as well as retail locations for La Selva Apparel Company, Back of the Yards Coffee, Back of the Yards Barbershop, and Aracely's Bakery. The ground floor space to be improved is currently vacant.
Approximately 40 full-time jobs are expected to be created by the $17.4 million project.
Funding would be provided by the 47th/Ashland TIF district.
Chicago’s TIF program allocates incremental property tax revenue to support infrastructure upgrades, affordable housing, school improvements, and economic development projects, among other eligible costs within designated districts.