A multi-million dollar mixed-use development project at 353-363 E. 51st Street in Washington Park will consist of redeveloping a pair of existing structures varying in heights that have sat vacant for nearly 10 years. The site is located just west of the intersection with S. Martin Luther King Drive on the northwest corner of Washington Park.
Chicago Yimby states that the project is led by a joint venture made up of locals and co-developers Corey Gilkey and James Doughrity called Policy Kings. They are working with a local design firm on the new concept that will revitalize the corner.
The redevelopment will consist of two one-story retail and one three-story mixed-use structures. The team is also familiar with the area having both family history on the block as well as Gilkey having helped create Boxville, an outdoor marketplace down the street. The two combined forces to buy the place themselves after no banks would give them a loan and recently received partial funding from the Neighborhood Opportunity Fund to help get things going according to Block Club.
The 17,220 square foot project will include the following:
- Ground level retail spaces
- A pair of sneaker outlets
- Indoor-outdoor restaurant occupied by Friistyle
- A state-of-the-art gym
- Six new sustainable apartments that will be used for short-term stays like AirBnBs
Block Club Chicago reports that the $6.1 million project recently received a $2.3 million grant and is working with the Local Initiatives Support Corporation and the Chicago Community Loan Fund on the remainder of the funding.
LOOKING FOR MORE MIXED-USE PROJECTS IN THE CHICAGO AREA?
The project has the support of Alderman Pat Dowell who wrote a letter of endorsement early on.
"We saw a building that had been abandoned for over 10 years. Instead of complaining about it, we actually put our money together to purchase it, which we did in cash because no bank wanted to give us a loan. The six apartments will be short term rentals for out-of-towners because there are no quality hotels in this immediate area, and the ones in Hyde Park are always at capacity. "
Real Estate Investor and Developer | James Doughrity
The duo is working with a black-owned contractor, Nation Builders, to ensure 80 percent of subcontractors are black, women or minority-owned. Policy Kings plans to also hire from the neighborhood. Their objective is to draw extra growth to the 51st Avenue area and preserve the cash within the neighborhood.
"One of their goals is to find multiple routes through which the community can be engaged, whether through events and public offerings - restaurants that everybody can enjoy, a gym that anybody in the community can work out in - or through the nonprofit organization they're opening to focus on community engagement and ways to bring wealth back into the community."
Publicist | Jasmine Michaels
The project will be broken into four phases with parts starting this October and will reach full completion by late 2023.
Visitors will be able to access the new site via a two-minute walk from the CTA Green Line 51st Street stop, bus service for CTA Route 15 at its doorstep, and Route 3 via a two-minute walk as well.
