July 12 brought the Kick-Off/Demo Day for a property under the Chicago Neighborhood Rebuild program. Located at 7222 S. Vernon in Chicago’s Park Manor neighborhood, the site is the first rehab of a CCLF-acquired property then sold to a developer participating in the Chicago Neighborhood Rebuild Program.

Originally built in 1914, the 1,914 square foot, two-story home had been neglected and abandoned for more than 10 years. Original architectural features are still embedded within the home awaiting restoration, including stained glass windows, hardwood floors and a full basement.

CCLF purchased the property and then sold it to Rosie Investment Corporation as part of the Rebuild Program. The Rebuild Program, a collaborative effort among CCLF, the City of Chicago, the Cook County Land Bank Authority, Community Investment Corporation, The Safer Foundation and Cara, works to facilitate the acquisition and redevelopment of single family and two-flat vacant or abandoned properties for new homeowners in higher crime areas within the 7th, 10th and 11th Police Districts. Properties in other low- to moderate-income communities also may be accepted into the program.

“This is the first property where CCLF did the actual acquisition and financing, which makes this project unique,” explained Sean Harden, CCLF’s Technical Assistance and Special Initiatives Consultant. “We analyzed what the area value is, what the cost of rehab is and what the cost of acquisition is. We ensured there is a certain margin the developer can achieve throughout the project otherwise a property like this would just sit abandoned, bringing down the neighborhood. We put this project out for bid and Rosie Investment Corporation won the bid.”

“CCLF was amazing to work with during this process,” explained LeVar Love, owner of Rosie Investment Corporation. “This is the first project with CCLF. I am happy to work with CCLF because the team was patient and provided ideas to help us get to today.”

On-hand for the Kick-Off/Demo Day was a team from Workforce Solutions which provides job-training opportunities to youth and ex-offenders. Workforce Solutions was a huge collaborator on this project starting interior demolition of the property as the festivities and tours wound down.

“This is the biggest property on the block,” said Harden. “But it’s abandoned, and it has brought down the entire neighborhood. The goal is to create a trickle-down effect where we’re targeting these types of projects that, when finished, will inspire and enhance a neighborhood.”