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Mayor Rahm Emanuel today joined Alderman Pat Dowell (3rd) and local developers for a tour of the new market-rate, single-family homes that are currently being built under the Third Ward Parade of Homes initiative in Bronzeville.
“The Parade of Homes is driving new residential development to support the commercial development happening across Bronzeville,” Mayor Emanuel said. “This initiative doubles down on the progress we have seen throughout Bronzeville – from the Arts and Recreation Center at Ellis Park to the Mariano’s on King Drive to the state-of-the-art pedestrian bridge at 35th street.”
“Ten years ago, I brought together a coalition of community leaders and African-American builders for a thoughtful, creative and realistic process that led to the creation of the Third Ward Parade of Homes initiative,” Ald. Dowell said. “Thanks to this initiative I am looking forward to seeing all of these vacant lots turned into much-needed homes for families in Bronzeville.”
Under the initiative, five participating developers R&D Builders, Greenline Parade of Homes, Urban Equities, Wade Enterprises & Associates, and Click Development are each building a model home in the 4500 block of South Prairie Avenue.
The lots for the model homes were sold to the developer for $1 each. The completed two-story homes will range in size from 3,200 to 4,000 square feet. The largest will include up to five bedrooms and 3.5 baths. Sales prices will range from $450,000 to $589,000.
The developers were selected by the Chicago Department of Planning and Development following a Request for Qualifications (RFQ) process in late 2016.
Upon the homes’ completion and sales, additional lots will be sold to the developers for half of their current appraised values. Typically sized at about 3,250 square feet, the properties were acquired by the City through a variety of tax sales and sheriff’s deeds.
A total of up to 42 single-family homes are proposed to be built using vacant City-owned lots on scattered sites in the 3900 to 4500 blocks of Prairie, Calumet and Indiana avenues.
Last year Mayor Emanuel and Ald. Dowell cut the ribbon on the new Mariano’s grocery store in Bronzeville. The new store adds fresh, healthy food options and creates 400 jobs, including approximately 100 jobs that are held by Chicago Housing Authority residents. Located at 3859 South Dr. Martin Luther King Drive, the new store covers more than 74,000 square feet and brings renewed life to a key intersection that has been vacant for several years. It also features products from approximately 50 local suppliers.
In addition to the recently-completed bridge at 35th street, the Chicago Department of Transportation (CDOT) has four other South Lake Shore Drive bridge projects on the way, including a new pedestrian bridge at 41st Street that is current under construction. A third pedestrian bridge will replace the existing non-ADA compliant pedestrian bridge at 43rd Street. The Department is also finalizing designs for the replacement of two vehicular bridges over the railroad tracks at 31st Street and 39th Street.