The Thrive Exchange residential development at 7901 South Exchange Avenue in the Cheltenham neighborhood of the South Chicago Community Area has topped out. The six-story affordable housing project received a construction permit on November 27 of last year, and now, less than five months later, concrete for the sixth level was poured last week.
Rendering of Thrive Exchange, 7901 South Exchange Avenue by KOO Architects
Looking northwest across the Metra Electric Line tracks from Commercial Avenue. Photo provided.
Looking southwest from the corner of Cheltenham Place and 79th Street. Photo provided
Thrive Exchange is part of the Invest South/West development initiative, and was designed by KOO Architecture. A January express permit updated the designation of the general contractor to WG Affordable Housing Partners, a joint effort between W.E. O’Neil, the original GC, and GMA Construction Group. DL3 Realty is the developer. Future phases of construction will include renovation of the Ringer Building next door, at 7915 South Exchange.
Rendering of Thrive Exchange, 7901 South Exchange Avenue by KOO Architects
Looking southeast from 79th Street. Photo provided
Looking east from Exchange Avenue. Photo provided
Looking northeast from Exchange Avenue. The Ringer Building is at right. Photo provided
There are 43 dwelling units included here, consisting of studio, one-bedroom, and two-bedroom floor plans, and all will be set aside as affordable for those earning 60 percent of the area median income. The building’s first floor will contain retail space, bicycle storage, and Neighborhood Housing Services offices. A resident lounge, a fitness center, and an outdoor deck will be located on the second level.
7901 South Exchange, via Google Street View, demolished in 2024
The Ringer Building, 7915 South Exchange, is to be renovated. Image via Google Street View
Nearby transit options, via Google Maps
Thrive Exchange is one block south of the Cheltenham/79th Metra station and access to its Metra Electric Line trains. The CTA’s Route 79 bus stops in front of the new development at Exchange Avenue and 79th Street. Three blocks east, at 79th Street and Lake Shore Drive near Rainbow Beach Park, are bus stops for Routes 6, 26, 71, 95, and N5.
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A good project, but too bad it is affordable.
Rents in that part of town are already affordable by default.
And no doubt, these units are costing at least double what private developments run.
But our dingbat mayor thinks that doing this will improve all social indicators in an impoverished area, so off they go. And the fact the cost overruns dramatically benefit a class of cultists and grifter construction companies is just the cherry on top of the sundae for Mayor Nimrod.
This is an amazing development. The buildings form is very handsome. I’m very excited to see how the brick sticks!
Regardless of how we view the appropriateness of the money spent, you can’t deny that the project looks good. I still believe that we can achieve a lot more with less, and we should emphasize private/public partnerships that are more effective, especially in areas such as affordable housing.
These projects are not meant to be affordable housing, and that’s where the city went wrong with its portrayal of these developments. They are so much more than affordable housing and are acting as incubators for areas that have lagged for decades. New developments have been emerging along 63rd St., 43rd St., and in West and East Garfield Park. With the last of the batch reaching the construction phase, I foresee these public investments sparking enough momentum to entice more substantial private investment confidence.
If these are LIHTC units, they cost a minimum of $600K to develop and build. I’m in agreement with earlier comments about the lawyers and contractors really benefiting from these projects and not necessarily the community from a place of investment and wealth building. By default, this is a NOAH community, and new projects should be considered based on that. It would all be considered Market Rate Housing, because rents would match the adjacent market. The real question is will it be properly maintained and well managed? And, will it attract private investment ?, Hmmmmmm
79th street is a death trap. Lol
Topped out?? The site says may 2025..umm ok
Could the May 2025 date be for Thrive Englewood?
I miss the original colors from when they first proposed this, I thought the update took it from vibrant and exciting to a bit banal and boring. Still like the shape of the structure though.