City of Chicago Approves Ordinance for United Yards 1A Redevelopment Project
The City of Chicago has approved an ordinance supporting the United Yards 1A redevelopment project. This transformative initiative, funded in part by the Department of Housing with up to $25,000,000 in Tax Exempt Bonds, $14,500,000 in tax increment funds from the 47th and Ashland area, and $7,500,000 in Chicago Recovery Funds or Donation Tax Credits, marks a significant step in enhancing the Back of the Yards/New City community.
The project, the total cost of which is estimated at $41,977,912, includes the sale of City-owned land located at 1515 W. 47th Street, designated for redevelopment by New City Redevelopment, a joint venture between Celedon Partners and Blackwood Development Partners. Celedon Partners, led by Scott Henry and Aron Weisner, holds a 51% ownership stake, with Blackwood Development Partners, represented by Rafael Hernandez and Jose Duarte, holding the remaining 49%.
The United Yards 1A project was submitted to the Request for Proposals (RFP) process initiated by the Department of Planning and Development in 2020.
Key elements of the United Yards 1A project include:
- Primary Site Redevelopment: A six-story new construction, featuring 45 units of family housing and a ground floor opportunity hub. The opportunity hub is envisioned as a technology training and business support center specially targeted to empower and support youth from communities of color.
- Secondary Site: Located at the intersection of 47th Street and Marshfield Avenue, this site includes two three-flat buildings housing six two-bedroom units. These buildings will be constructed in a modular factory located within the City of Chicago.
The redevelopment project will span multiple blocks along 47th Street, fostering economic growth, creating new housing opportunities, and supporting youth through accessible technology and business resources.