Bronzeville community leaders and site developers gathered on Tuesday for the groundbreaking of Bronzeville’s new $45.6 million “Shops and Lofts” project at 47th Street and Cottage Grove Avenue, which is part of three-acre development that includes new homes, stores and employment opportunities.

The project includes a new five-story, 72-unit building with 55,000 square feet of retail space; two new six-flats; a new nine-flat; and a rehabilitated three-flat; along with parking for residents and visitors. A Wal-Mart Neighborhood Market will occupy most of the retail space, which is being developed by Skilken and TROY Enterprises. The Community Builders Inc. will develop the residential component, comprised of 44 affordable, 28 public housing and 24 market-rate apartments. The development is projected to create 100 permanent jobs and 144 temporary jobs. The Quad Communities Development Corporation (QCDC) is the community organization that first called for the redevelopment of the corner over a decade ago and worked hand in hand with the City and developers to achieve the revitalization.

City investment in the 47th Street project alone includes nearly $13 million in Tax Increment Financing (TIF) assistance for site preparation costs. Assistance for the residential component includes a $550,000 HOME loan, a $7.8 million loan from the CHA, $663,000 in donations tax credit equity, $8.4 million in low-income housing tax credit equity and up to $20 million in tax-exempt bonds. Assistance for the commercial component includes $3.3 million in New Markets Tax Credit equity.