Real Estate Development

Greater Southwest Development Corporation began engaging in real estate development to provide adequate low-income housing for seniors in Chicago Lawn.

Since 1992, GSDC has acquired entire blocks in Chicago Lawn and through Senior Low Income Housing Tax Credits, Chicago Revenue Bonds, Federal Home Loan Bank’s Affordable Housing Program, and financing partners like Cinnaire Financing Group and Marquette Bank, GSDC has built $33M worth of subsidized senior housing, totaling 248 units.

Over the years, two of the three buildings have also undergone full refinancing and rehabilitation of their individual units and major mechanicals, allowing the 162 units to continue as high-quality options for local seniors. In 2022 the remaining 86 units will also undergo full refinance/rehab to maintain all original 248 units.

In 2012 GSDC engaged with Chicago’s Department of Health and Human Services, Metropolitan Family Services, and WINGS Domestic Violence Corp to acquire and rehab a City of Chicago-owned building and vacant property to build a $8M, 40 bed women’s shelter.

GSDC, through business technical assistance has supported over $3M worth of private real estate development in the last three years, supporting local property owners who use City of Chicago tools like Small Business Improvement Fund (SBIF), the Neighborhood Opportunity Fund (NOF), and small rebates available through Special Service Area #3 and #59.

One example is:Bridgewater Studios, located at 4834 S. Oakley, was approved for a $1.8M NOF grant in 2019 to develop a creative arts business incubator and more than $1.2M in COVID relief grants and loans. As of July, Bridgewater had managed to retain 100% of its net jobs in 2020. 

Greater Southwest Development Corporation Projects

600 million in development activity- 248 units of affordable senior rental housing $100 million in retail development