The city of Chicago's Plan Commission has greenlit a new affordable housing project in the South Side area, known as Thrive Exchange. The $26 million development is a component of the INVEST South/West program initiated by former mayor Lori Lightfoot. The development, to be situated at the corner of 79th Street and Exchange Avenue, marks the first family housing project in the area in about 75 years the Chicago Tribune reports.

The Thrive Exchange project is set to include a six-story building housing 43 affordable one- and two-bedroom apartments, roughly four studio apartments, ground-floor retail spaces, a public plaza facing the Metra tracks, and new offices for Neighborhood Housing Services of Chicago. The said non-profit organization promotes homeownership. The full City Council will give final approval to this project in the next phase, the Chicago Tribune indicates.

DL3 Realty's managing partner, Leon Walker, hopes that Thrive Exchange will bring about more investment and positive changes in the South Side communities. Construction is projected to start next year. Local business owners such as Dwan Stevens-Martin, owner of Urban Luxe Cafe, welcome this development, which they see will bring in new residents and spark positive changes to the area as stated in the Chicago Tribune report.

Beyond Thrive Exchange, several other affordable housing projects are proposed for the South Side area. The Earle Family Residences project by Gorman & Co. aimed to convert the former Charles Warrington Earle School in West Englewood into 50 one- and two-bedroom rental units, with a subsequent phase of 25 newly constructed townhomes. Also, the non-profit Resurrection Project is planning a $60 million development, Casa Yucatan, featuring 98 units of one- to three-bedroom apartments in Pilsen according to Chicago Sun-Times.