LITTLE VILLAGE — They have the land, now the Chicago Southwest Development Corporation needs the money.
Southwest Side residents joined lawmakers in a vast vacant lot at the southwest corner of Kedzie Avenue and 31st Street over the weekend to celebrate a pledge by the city of Chicago to provide the land for a major new development.
"This new development will help give back to this area and provide it with a fresh new face that brings jobs to our local residents,” said U.S. Rep. Danny Davis (D-7th). "There is some hard work ahead as we raise money to get this project over the finish line, but we do not shy away from new challenges."
Where weeds, glass and broken concrete make up the current landscape, a massive mixed-use development would rise as part of a plan to employ more than 1,000, expand healthcare options and provide the South and Southwest sides with retail options, planners said.
Erin Meyer says the developer will be looking for private, charitable, and public money to build:
Davis, Mayor Rahm Emanuel, state Sen. Dick Durbin and others spoke at an event Saturday to show their support for the project.
With the city's decision to provide the land, planners will be focusing on the next step — raising nearly $600 million.
Referred to as a "game changer," the Focal Point development is supposed to improve the community and quality of life for more than 400,000 Chicagoans on the South and Southwest sides.
A 1 million-square-foot complex is expected to be an anchor for myriad shopping and public service providers, from health and wellness to arts and education.
With an eye toward financial sustainability, its creators have designed the system so money from Focal Points' for-profit entities will go to support its nonprofit elements.
The outfit in charge, Chicago Southwest Development Corporation, gathered on Saturday for the official launch celebration with officials from Saint Anthony Hospital, which is expected to expand to the new facility.
The timeline is still uncertain, but once construction kicks off it is expected to take about 2½ years. Planners are shooting for completion in 2018.
The development corporation plans to use a combination of philanthropy, individual donations, foundation and corporate support, borrowing, a new market tax credit and government grants to pay for the project.
The development is expected to be a source of jobs, both during the construction phase as well as when it is complete.
According to the Focal Point website, Saint Anthony will ultimately hire about 400 people to staff the medical facility at Focal Point. Numerous retail tenants are expected to create about 600 new jobs, and service providers in areas of hospitality, childcare, recreation and education will account for 400 new jobs.
For more neighborhood news, listen to DNAinfo Radio here:
