Groundbreaking for new retail/housing complex sign of Bronzeville’s renewal
Largest Commercial Development in More Than 50 Years
On Tuesday, April 2, ground will be broken for The Shops and Lofts at 47, the long awaited mixed-use development that will be built at the intersection of 47th and Cottage Grove Ave. When completed, the $46 million dollar complex will include 96 mixed-income rental apartments and 55,000 square feet of commercial space anchored by a Walmart Neighborhood Market.
“We at QCDC have long known that redevelopment of this corner was critical to the renewal of our neighborhood,†said Shirley Newsome, Board Chair of QCDC, which first called for the revitalization of the Cottage Grove commercial corridor. “It is a great credit to the vision and commitment of the city and the tenacity of our development partners that we are able to celebrate the realization of our vision today.â€
The groundbreaking event for The Shops and Lofts at 47, the long awaited mixed-use development at the historic intersection of 47th and Cottage Grove, will be held Tuesday, April 2, 2013 at 47th & Cottage Grove Ave., in Chicago at 1:30 p.m. .
Attending the event will be Alderman Will Burns, 4th Ward; Shirley Newsome, Board Chair, Quad Cities Development Corp.; Bart Mitchell, President and CEO, The Community Builders; Frank Petruziello, President, Skilken; Ken Gold, CEO, Skilken; Adam Troy, President, TROY Enterprises; Karisa Sprague, VP, Walmart Stores; Commissioner Andrew Mooney, DHED; Charles Woodyard, CEO, Chicago Housing Authority
Development Partners:
Since the 1940s Skilken has developed a strong portfolio of retail centers throughout the Midwest, and hundreds of single tenant projects for regional and national clients. In the past decade Skilken has expanded into the urban marketplace by capturing opportunities for development in underserved markets. Skilken specializes in helping national retailers find the intersection of commerce and community.
With Midwest regional headquarters in Chicago, The Community Builders, Inc. (TCB) is the largest nonprofit developer of mixed-income housing in the United States. TCB’s mission is to build and sustain strong communities where people of all incomes can achieve their full potential. Its Chicagoland investments in addition to The Shops and Lofts at 47 include Oakwood Shores, Merrill Court, St. Stephen’s Apartments, and Northtown Village Senior Apartments.
TROY Enterprises connects People, Place, and Product to develop innovative urban real estate projects. TROY engages with political, community and religious leaders to maximize human potential, capital and programmatic return on investment in underserved markets. Over the past two decades TROY has developed a successful platform of profitable real estate projects by partnering with corporations, government, faith-based entities and non-profit groups.
