The megadevelopment, part of the Invest South/West initiative, spans three blocks of 47th Street and has 51 affordable housing units and retail space.
blockclubchicago.org – BACK OF THE YARDS — Community leaders and developers celebrated a moment more than four years in the making Thursday with the opening of the New City United Yards commercial and affordable housing development.
Scores of local officials and residents filed into Back of the Yards Coffee, 1621 W. 47th St., where they were treated to coffee, doughnuts, empanadas and a tour of the repurposed ground floor of the Goldblatt’s building, the commercial centerpiece of the $65 million megadevelopment that spans three blocks of the Southwest Side neighborhood.
The $65 million project — part of the Invest South/West initiative launched under former Mayor Lori Lightfoot — is a joint venture from Celadon Partners and Latino-owned Blackwood Group, combining commercial and residential with 51 units of affordable housing on two of the sites.
Renters will have a choice of one-, two- and three-bedroom apartments at 15 percent, 30 percent, 60 percent and 80 percent of the area median income. Each unit comes with a washer and dryer and an individually controlled heating and cooling system.
Building amenities include indoor and outdoor communal spaces, 21 parking spaces and bike parking.
An “opportunity hub” will occupy the ground-floor commercial section. Construction in the building should be finished later this year, developers said.
The final phase of the New City United Yards project includes the conversion of the historic Rainbow Building into permanent supportive housing and a youth center.
Financing for New City United Yards comes from the private and public sector, including Regions Bank and Liberty Bank, US Bank, IFF, the Low Income Investment Fund, the Chicago Community Trust and $24 million in tax increment financing and recovery program funding.
Ald. Jeanette Taylor (20th) commended everyone involved in seeing the project through, crediting Mayor Brandon Johnson for “hiring smart women” such as Deputy Mayor Kenya Merritt and Department of Planning and Development Commissioner Ciere Boatright.
“Since the day that they stepped in office, they said to all of us, ‘What do you need? What does your community need?’” Taylor said.
The themes of diversity and collaboration were also echoed by Back of the Yards Works’ Jesse Iñiguez, who said his team and Celadon and Blackwood originally submitted separate proposals.
“It was the strength of our commercial vision and their expertise in housing and the leadership of Ald. Taylor that changed everything. She saw the value in both proposals and brought us together,” Iñiguez said.
Celadon co-founders Scott Henry and Aron Weisner said they saw the potential of the 47th Street corridor, noting its meatpacking origins and significance to the city.
Taking on a project of such size wasn’t easy, but with discipline, patience and a little creativity, the team was able to deliver a quality project, Henry said.
“This industry is a game of patience,” Henry said. “There’s such a temptation for developers to go fast. We try to take it a step back, explore all the alternatives and if you have the discipline to do that you’ll wind up with something really special.”
