City of Chicago, IL
10/16/2025 | Press release | Archived content
City Grant, Land Sale Would Support Grand Boulevard Mixed-Use Project
A $15.7 million mixed-income residential building would be constructed in Bronzeville through a $4 million Neighborhood Opportunity Fund (NOF) grant and City land sale proposed to City Council today by Mayor Brandon Johnson.
Planned by 5050 Prairie LLC, the 66,000-square-foot project at 5036-46 S. Prairie Ave. would include 49 mixed-income apartments and a ground-floor restaurant.
In addition to the grant, the City would incentivize the project by reducing the price of three City lots, collectively valued at $300,000, to $1 each.
The NOF program allocates fees paid by downtown construction projects to support commercial corridor investment on the South, Southwest and West sides. Grant awards exceeding $250,000 require City Council approval.
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