Mayor Brandon Johnson and Ald. Greg Mitchell (7^th) joined DL3 Realty, South Shore residents and City officials today to celebrate the topping off of Thrive Exchange, a six-story, mixed-use building under construction at 7905 S. Exchange Ave.

Featuring 43 affordable studio, one- and two-bedroom apartments and ground floor commercial space, the $35 million transit-oriented development is South Shore’s first multi-family project of its type in more than 50 years.

"I am thrilled to celebrate Thrive Exchange’s construction milestone and see continued progress in our mission to make Chicago the safest and most affordable big city in America," Mayor Johnson said. "The City’s investment in this project reflects our commitment to creating housing as a tool for economic justice and opportunity. Through targeted investments, guided by our Build Better Together strategic plan and citywide partnerships, we are developing every part of our city and advancing equity in every neighborhood."

As the winning response to a Department of Planning and Development (DPD) Request for Proposals (RFP) and located adjacent to the Cheltenham Metra station, the building underwent an extensive community engagement process that included multiple public meetings involving area needs.

“The RFP targeted this site due to its proximity to a regional rail station and the 79^th Street commercial corridor, making it exceptionally convenient for future tenants, workers and visitors,” DPD Commissioner Ciere Boatright said. “The community-led process helped identify the project’s scale and scope and other features that benefit the entire neighborhood.”

City support for the project includes $15.1 million in Low Income Housing Tax Credit equity, $13.1 million in Tax Increment Financing, a $6.3 million Chicago Recovery Plan loan and the sale of a City-owned lot.

“Thrive Exchange and the working-class families who call it home will serve as a catalyst for economic development in the South Shore community,” Department of Housing Commissioner Lissette Castañeda said. "This project underscores DOH’s commitment to revitalizing Chicago’s neighborhoods that have experienced years of disinvestment."

The building’s final beam was signed by project partners including general contractor WG Affordable Housing Partners and KOO Architecture design. Construction is expected to be complete by April 2026.

Future phases of the project include new construction on nearby land and the restoration of nearby buildings, including the historic Ringer building on Exchange.

More information and construction updates are available at thrive.exchange, and more information about Mayor Johnson’s Build Better Together is available on the City website.