December 4th 2023.
Written by Thomas McElroy
Woodlawn, a predominantly Black neighborhood on Chicago's South Side, is home to some of the city's most prominent institutions and amenities - the University of Chicago and its medical center, Jackson and Washington Parks, and a commuter rail line. Despite these solid underpinnings, however, the real estate development community has been slow to invest in the area.
That is all set to change with the planned opening of the Barack Obama Presidential Center in 2025. This generational opportunity provides a chance to drive economic development in Woodlawn, but only if it is done right. The disparities between neighborhoods in Chicago demonstrate that those without a voice in their future tend to have the lowest income levels. To make sure the Obama Center benefits Woodlawn, any plan must focus on creating a self-sufficient neighborhood where retail and amenities drive spending and the money stays within the community.
The City of Chicago is already taking steps to make this happen with their Invest South/West program. By supporting Black and Brown developers in their infrastructure-building efforts, the city is creating more equitable and representative trades. The results of this program are so impressive that developers from other states are using it as a model.
For Woodlawn, the Obama Center will be the driving force. It is projected to draw 1 million visitors annually, many of whom will be Black families making their first trip to Chicago. To make sure that these tourists spend their money in the community, the area must provide safe and accessible hotels, restaurants, and shopping.
The Apostolic Church of God and Black leaders from the South Side have already launched plans for a hub of housing, offices, retail, and other uses around the Obama Center rail station. This development will not only attract visitors, but also reverse the neighborhood's decline and create prosperity. It will also provide a blueprint for other Black and Brown developers around the country.
For these efforts to be successful, they must be supported by infrastructure investments. Transit must be available to get people to and from jobs, and technology must be used to open up opportunities for entrepreneurs. The biggest challenge facing Woodlawn Central and other Black renewal efforts, however, is finding the financing. By harnessing the Black dollar, these projects can bring investment capital to benefit Black developers who are best suited to understand the community's needs.
As more Black businessmen and women in financial services and other industries build investible capital and connections to the private equity markets, Black-led real estate development will become increasingly possible. This will not only energize and support Black businesses, creators, innovators, and residents, but also create a model for Black-inspired growth and development around the country.
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