—Mayor Rahm Emanuel recently announced an almost $3 billion private-public partnership plan to redevelop seven neighborhoods in the city.
The Opportunity Planning initiative includes projects Englewood, Pullman, Rogers Park, Uptown, Little Village, Bronzeville and the Eisenhower Corridor to bring momentum of resurgence to the communities. The city will be leverage $2.9 billion – including $330 million public funding and $2.6 billion in private funding - in new economic, housing, and quality of life improvements for residents and businesses. Public funding includes a variety of federal, state and local sources, including bonds, tax increment financing, land sales and the capital budgets of sister agencies.
“Each of these areas is unique and full of potential and the city will play an important role in supporting their growth. Economic development and a neighborhood’s success are reliant upon the support and strategic vision these ‘Opportunity Area’ plans provide,” says the mayor in a statement. “Chicago, in coordination with the private sector, has a vital role to play to help communities showcase and support their entertainment, economic and cultural assets. Only then will Chicago be able to live up to its potential as the global city that it should be.”
The improvements for the following areas are planned:
- Bronzeville: Redevelop the Michael Reese site and 47th street, add more hotels to McCormic Place, and bring in more markets and housing.
- Eisenhower Corridor: Enhance neighborhoods as mixed-use gateways to the city.
- Englewood: Support affordable housing and reuse vacant land.
- Little Village: Create a new city park from the former Celotex site and redevelop the former Washburne site as St. Anthony Hospital and Wellness campus.
- Pullman: Pursue National Historical Park designation, complete the Pullman Park mixed-use development.
- Rogers Park: Enhance CTA Red Line States and support retail investment on Devon, Sheridan and Broadway.
- Uptown: Revitalize the Wilson CTA station, maximize entertainment and nightlife and enhance Argyle Street as a center for Asian culture and cuisine.