CHICAGO (WLS) — Four projects aim to bring business and investment into communities of color.
One of them will get a $10 million prize.
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A building on Cottage Grove Avenue and 43rd Street has seen better days.
But some want to make it part of a thriving Bronzeville business community.
It’s among the spaces that the Cottage Grove Collective hopes to make ready for retailers and services.
A vacant lot at 1000 E. 43rd St. would be space for several businesses, under the Collective’s plan.
Rhonda McFarland from the Cottage Grove Collective and Quad Communities Development Corporation emphasized the importance of replacing vacant lots and buildings with retail spaces where people can gather.
The Collective is among four finalists for the “Chicago Prize”: $10 million over five years from the Pritzker Traubert Foundation.
On Wednesday, the four presented their projects at City Club of Chicago.
Kareeshma Ali, representing the Pritzker Traubert Foundation, highlighted the economic advancement potential for communities that have historically lacked investment, aiming to help them build generational wealth.
In Bronzeville, the Cottage Grove Collective envisions creating more opportunities for residents to access essential goods and services within the community, encouraging them to spend locally and support the neighborhood’s economy.
“We are looking to reduce that retail leakage that we know leaves our community. We are looking to increase our tax base; some of those tax dollars come directly to our corridor’s special programming,” McFarland said.
The winner of the $10 million prize will be announced in the fall. The remaining finalist will also have access to matching funds, with the goal to bring more to the communities they serve.
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