City Council today approved a plan by Mayor Rahm Emanuel and Ald. Pat Dowell (3rd) to expand the Third Ward Parade of Homes program in the Grand Boulevard community.
The Parade of Homes program allows participating residential developers to build market-rate houses on discounted City-owned land, with five models recently completed on the 4500 block of South Prairie Avenue.
“The Parade of Homes is creating new homes and doubling down on the new development that’s occurring throughout Grand Boulevard,” Mayor Emanuel said. “I look forward to seeing these new vacant properties turn into new homes and support the renaissance that is happening across the third ward.”
Through a land sale approved today by City Council, the program will add development locations at 4317, 4412, and 4512 S. Calumet Ave., which are appraised at $47,000, $75,000 and $61,000 respectively.
Future development locations include 42 lots on South Prairie Calumet and Indiana avenues, which the developers can purchase for half of their appraised values, pending market demand. The program’s three-to five-bedroom model homes are listed from approximately $440,000 to $589,000.
“More than a decade ago I brought together a coalition of community leaders and African-American businesses and after a thoughtful, creative and realistic process we developed the Third Ward Parade of Homes,” Alderman Dowell said. “Today we are celebrating one of the first of what I hope will be many expansions of this important program.”
Participating developers are R&D Builders, Greenline Parade of Homes, JJ Group Realty, Wade Enterprises & Associates, and Click Development, which were selected by the Chicago Department of Planning and Development following a Request for Qualifications (RFQ) process in late 2016.
“Programs like the Parade of Homes are examples of how the City of Chicago is delivering investment and economic development in every neighborhood,” City of Chicago Planning Commissioner David Reifman said.
More information about the program is available at www.3rdwardparadeofhomes.com.
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