The University of Chicago Magazine
New mall slated for 47th Street
Local community and business leaders broke ground in July on one of the most visible examples of South Side re-development: the 78,000-square-foot Lake Park Pointe mall, a $9.1-million project located at the corner of 47th Street and Lake Park Avenue.
The new shopping center will be anchored by the Hyde Park Co-op and a Walgreens, and will also include a Citibank branch, Dock's restaurant, a dry cleaner's, a copy shop, and an insurance company.
A local nonprofit organization, the Fund for Community Redevelopment and Revitalization, is developing the mall through an affiliate, Lake Park L.L.C. The city of Chicago and a HUD empowerment zone are contributing about $2 million to the project, while Local Initiatives Support Corp. (LISC)-a national nonprofit-and an LISC affiliate, the Retail Initiative, granted the developers about $1.5 million in loans.
The idea of a mall on 47th Street has floated for at least a decade, but Paul Grogan, LISC's national president, told the Chicago Tribune that retail development tends to follow housing development-of which North Kenwood has seen quite a bit lately.
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