Mayor Daley today joined local residents and members of the business community to celebrate the grand opening of Marshfield Plaza, located on the City’s Far South Side at 119th and Marshfield in the Morgan Park community.
"This Plaza represents one of the best and most important uses of TIF funds today," Mayor Daley said. “Prior to the development of this Plaza, this land was an eyesore for the community and not contributing to the area in any way. Today, thanks in large part to the $26.6 million in TIF funds the City allocated to the project, the Plaza provides jobs and retail opportunity for residents."
Construction began in June, 2006 and is slated to be complete in March, 2012. The site is now occupied by a Target, Jewel-Osco, Petco, Panda Express, Marshalls and a variety of other restaurants and businesses. Four hundred thousand square feet of the total 454,000 square foot site are currently leased.
The City allocated the Tax Increment Financing funds from the 119th/I-57 TIF District for the project. Two hundred forty thousand dollars was specifically utilized to fund recruitment, training and placement in connection with construction and retail jobs at Target. In addition, the Community Assistance Programs (CAPS) was subcontracted to provide screening, enrollment, job readiness training and placement services for over 300 candidates. These jobs were filled by residents of the 34th Ward or surrounding communities within the City of Chicago.
To date, the project has provided 1,260 total construction jobs and it is anticipated that more than 600 more jobs will be created by the time the project is complete. The project has thus far provided 830 permanent jobs, and when construction is complete, it is anticipated that another 200 jobs will be created. The project developer for this site is Primestor 119, LLC.
"This project demonstrates how TIF dollars generated in the area have been reinvested in the community to help revitalize the neighborhood," said Mayor Daley. "This plaza serves as a great example of what this type of investment creates and will serve as a catalyst to strengthen the community and bring new life and business activity to the area."