Chicago/ Real Estate & Development
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Published on April 08, 2024
Chicago Mayor Unveils Bold Vision of Affordable Housing, Business Boosts, and O'Hare Airport RevampSource: Chicago.gov

As Chicago aims to shake off the post-pandemic lull, Mayor Johnson is powering through with a plan to bring affordable housing and business opportunities back to Chicago City. Just last week, the mayor cut the ribbon on Lawson House, setting the tone for an aggressive rollout that promises over 400 affordable apartment units in the city's Gold Coast neighborhood. Along with bricks and mortar, Johnson named Sendy Soto the city's inaugural Chief Homelessness Officer - a move keenly watched by urban policymakers.

The housing push took a creative turn mid-week when Mayor Johnson declared plans to fully transform vacant Loop office spaces into a mix of 1,000 residential apartment units, hundreds marked affordable. To make the concept a reality, he's pledged $151M in Tax Increment Financing (TIF) funds, in a gesture to not only provide homes but to also reinvigorate downtown Chicago—a scene too quiet since COVID-19 struck.

At a buzz-generating event with Chicago's business elite, held at the Chicago Cultural Center, Mayor Johnson unveiled his 'Cut the Tape' initiative. The scheme, heralded by entrepreneurs, proposes a sweeping set of reforms targeted to slash red tape and greasing the wheels for development in the city.

Wrapping up a week of heavyweight announcements, Mayor Johnson put forward a deal to fast-track the much-anticipated O’Hare airport revamp with United and American Airlines—a clear play to ensure Chicago's spot as a global transportation hub. The ambitious Global Terminal and its satellite concourses are set to bolster O'Hare's economic allure, keeping it in the race against competing international airports. according to the official announcement.

Chicago-Real Estate & Development