Baum Revision, LLC is a real estate development company based in Chicago, Illinois. It is acquiring and rehabilitating two industrial properties located at 3333 W Lake St and 3843 W. Lake in Chicago’s Garfield Park Neighborhood. Due to over 50% poverty rate, high unemployment rate and poor infrastructure, the City of Chicago has identified the Garfield Park area as a target area for development and the project has garnered the support of both the Deputy Mayor Mayekar of Chicago and Department of Planning and Development (DPD) Commissioner Cox. The Garfield Park community has seen very few commercial investments over several decades. This project will help create jobs and, in turn, could increase the economic outlook in the community. The Garfield project will bring tenants that will train employees and provide good-paying jobs in the neighborhood. Furthermore, there have been strings of developments from Hatchery to the United Center.
Project Impact
The Garfield Park neighborhood has experienced long-standing issue with violent crime and property crime in past several years. With these types of projects in the area, it will help create jobs and, in turn, could increase the economic outlook in the community. The Garfield project will bring tenants that will train employees and provide good paying jobs in the neighborhood.
- 10 projected jobs created
- 25 projected jobs to be retained
- 65 construction jobs to be created
- 35 jobs accessible to low-income people
- 35 jobs not requiring a college degree
Racial Justice
The Garfield Park neighborhood has experienced long-standing issue with violent crime and property crime in the past several years. The Garfield Park project will create jobs and, in turn, will increase the economic outlook in the Garfield Park community. The Garfield Park project will attract tenants that will train employees and provide good paying jobs in the neighborhood.
The project will provide a new level of confidence and a catalytic impact in the neighborhood. It will attract tenants providing quality employment and training to the area's highly populated African American community. As of the 2015 ACS 5-year estimates, the African American population is 91.28% in the Garfield Park neighborhood.
NCIF Capital Allocation
$5.5 million NMTC allocation
$1,787,500 loan booked
Debt Partners
CDFI Partners:
First Eagle Bank - $1,787,500
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