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ABOUT THRIVE EXCHANGE
Development Initative
Thrive Exchange is a transformative, $100 million community investment at 79th Street and Exchange Avenue led by Thrive Exchange Partners - DL3 Realty, Chicago Family Health Center, NHS Chicago, and Revere Properties. A finalist in the $10 Million Chicago Prize competition, this equitable transit-oriented development project is designed to address three critical needs in our community: access to health care, quality affordable housing, and financial stability. Led by experienced partners with deep roots in the community, Thrive Exchange is composed of luxury workforce housing, new retail businesses, and a new state-of-the-art health care center. The first phase of this project was selected by the City of Chicago through an INVEST South/West competitive award in 2021. If awarded, the Pritzker Traubert Foundation Chicago Prize would expand the project to include additional housing and retail space helping to create a ripple effect throughout the community.
This project will REIMAGINE, REVITALIZE, and REINVEST in South Shore and South Chicago.
© 2021 KOO LLC
HOUSING
DL3 Realty will develop and own two new, mixed-use buildings which will include approximately 76 luxury workforce apartments located immediately adjacent to the Cheltenham 79th Street Metra Station. DL3 Realty is one of Chicago’s most active community developers and is the developer of the overall master plan.
Neighborhood Housing Services (NHS) Chicago will provide homeownership and financial counseling to area residents and clients of CFHC. NHS will also work with emerging local developers to pursue offsite development on nearby lots.
Revere Properties will construct 24 new condominiums on the west side of Exchange Avenue. The for-sale condominiums will feature accessible housing units with ground level, first floor units and a mixture of 2- and 3-bedroom apartments.
HEALTH
Chicago Family Health Center (CFHC) will locate its seventh medical center in the historic Ringer Building located on Exchange Street just south of 79th Street. This location will serve 15,000 patients per year with comprehensive, affordable access to primary health care for families, dental, chronic illnesses, counseling services, and prescriptions. Chicago Family Health Center, founded in South Chicago, has served the community since 1977.
© 2021 KOO LLC
© 2021 KOO LLC
WEALTH
Retail
Seven thousand square feet (7,000 sf) of new retail space will be provided in the new mixed-use buildings on the north and south sides of 79th Street providing critical community-centric goods and services and new jobs.
Exchange Crossing
DL3 will own, manage, and modernize the 8,500 SF commercial plaza (currently called Star Plaza) located at the southwest corner of 79th Street and Exchange Avenue. This commercial center will provide economic growth in a safe environment for South Shore residents.
Pipeline to Health Care Careers
Chicago Family Health Center hires its staff from the communities where they are located. The 20,000 SF health center will employ approximately 50 doctors, nurses, administrators, and maintenance staff in an area which currently has very limited employment options.
Through a partnership with the National Institute for Medical Assistant Advancement (NIMAA), CFHC will host and provide onsite student training for eight months before being placed into permanent positions.
New Non-profit Organization
The Chicago Prize fund will seed a new non-profit organization with capital to co-invest in-fill residential projects, including for-sale single-family homes, condominiums, and small multi-family projects. The non-profit organization will focus on economic development efforts along the 79th Street corridor between Stony Island Avenue and Lake Michigan. It will be the lead convener focused on 7th Ward real estate and economic development in partnership with Ald. Gregory Mitchell.
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