On Tuesday, city officials and DL3 Realty broke ground on Thrive Englewood – a $40.2-million INVEST South/West project in Chicago’s Englewood neighborhood. The mixed-income, transit-oriented development will be located at 914 W. 63rd St., with the first phase consisting of 62 one to three-bedroom apartments – 51 of which are affordable for households earning up to 60% of the area’s median income (AMI). Additionally, two units will be designated for live-work tenants.
Englewood: See DL3 Realty Make Major Investment with $40M Development. The six-story building includes an onsite fitness room, community room, and bike storage as well as laundry facilities on each floor; while nearly 2,500 square feet of ground floor retail space is anticipated to include casual dining options Englewood: See DL3 Realty Make Major Investment with $40M Development . A landscaped 65-space parking lot serves both buildings and the retail space; while a second phase with 44 mixed-income apartments is also included in this 2.4-acre project site.
The groundbreaking of Thrive Englewood, a $40.2-million INVEST South/West project in Chicago’s neighborhood, is a significant investment in the future of the area. Spearheaded by DL3 Realty, the mixed-income, transit-oriented development promises to create a thriving community hub.
The 2.4-acre project site, located at 914 W. 63rd St., will be home to 106 units in total, with the first phase consisting of 62 one to three-bedroom apartments, 51 of which will be affordable for households earning up to 60% of the area’s median income (AMI).
Six-story building will feature nearly 2,500 square feet of retail space, which is anticipated to include casual dining options, an onsite fitness room, community room, and bike storage.
Laundry facilities on each floor will make it easy for residents to take care of their day-to-day needs. A landscaped 65-space parking lot will serve both buildings and the retail space.
The second phase of the project will consist of 44 mixed-income apartments, adding to the community-oriented development. This forward-thinking approach to mixed-income housing has been proven to strengthen social ties, foster diversity and inclusion, and promote economic stability.
DL3 Realty has made a bold statement by investing in Englewood, and it is a testament to the area’s potential. The company’s vision reflects a forward-thinking approach to community development that is sorely needed in the area. Plans also include developing green space and community gathering areas, promoting community engagement and fostering a sense of belonging.
This investment reflects a broader trend of businesses and individuals investing in historically marginalized communities. By doing so, they not only contribute to economic growth but also promote social cohesion and long-term sustainability.
The project’s focus on community engagement and fostering a sense of belonging will undoubtedly benefit not just the residents of Englewood but the entire city of Chicago. As businesses continue to realize their responsibility to invest in historically marginalized communities, we can expect to see more projects like Thrive Englewood in the future.
