DL3's THRIVE Exchange mixed-use project, awarded as part of Chicago's Invest South/West initiative in late 2021, includes the renovation of the historic Ringer Building, 76 luxury workforce housing units, 24 for-sale condominiums, and ground-floor retail, with a total $100 million investment aimed at revitalizing the Cheltenham neighborhood.
In late 2021, DL3's catalytic THRIVE Exchange mixed-use retail, healthcare, and residential project was selected as the winner of the City of Chicago's Invest South/West initiative. Led by DL3, the team includes Chicago Family Health Center, Revere Properties, and KOO Architecture. The redevelopment will include the renovation and reuse of the historic Ringer Building, 84 units of luxury workforce housing rental apartments, 24 for-sale condominiums, and 10,000 square feet of ground floor retail.
Additionally, DL3 is planning an additional adjacent investment to develop infill lots along surrounding streets, and a planned purchase of the strip mall near the Invest South/West site. The total project investment of $100 million will revitalize the Cheltenham neighborhood at E. 79th Street and W. Exchange Avenue by investing in critical services, creating new housing, and restoring a retail corridor to attract new residents and grow the local population significantly over the next ten years.