The Community Development Commission has approved $10.2 million in TIF funding and a land sale for Thrive Exchange, a mixed-use development planned for 7901 S. Exchange. As the winner of a recent Invest South/West RFP, the project will reactivate the intersection at the 79th St Metra stop. Planned by DL3 Realty, the commission solely considered the southern building out of the multi-building plan.
Designed by KOO, the project will encompass a six-story mixed-use building topping out at 76 feet with a new landscaped plaza. The development will deliver 43 affordable workforce housing units renting at 60% AMI, split into 4 studios, 20 one-beds, and 19 two-beds. Unit rents will average $960/month for studios, $1,075/month for one-beds, and $1,295 for two-beds. The ground floor of the building will also hold retail space as well as an office space for Neighborhood Housing Services.