“Once again, in these challenging times, we have been able to work with the private sector to bring jobs and affordable housing to our communities,” says Acting Commissioner of the Department of Community Development Christine Raguso.  “We are especially pleased by the Accretive Health plans, as not only does this add jobs to the Loop, but a company with roots here is staying here, keeping jobs and development in our City.” 

Accretive Health

Chicago’s Community Development Commission today authorized the negotiation of a redevelopment agreement with Accretive Health, Inc. for redevelopment of the entire fifth floor in the property at 231 S. LaSalle Street, also known as the Continental Bank of Illinois Building. Accretive will open a new Operational Processing and Training Facility at the site. 

The company, a leading provider of healthcare revenue cycle management services, was founded in 2003.  This project, which includes $6 million in TIF assistance, includes a commitment to retain the company’s 175 employees at its 401 N. Michigan Avenue headquarters as well as create 650 new entry-level healthcare industry jobs over ten years.   The company employs 1,000 people nationwide.

Accretive has agreed to make its best efforts to hire all City of Chicago residents and has committed to a minimum of 51% local hiring throughout the life of the ten year agreement. The company will also host and train 40 unemployed Chicago residents who were selected to participate in Mayor Daley’s Chicago Career Tech (CCT) program. 

The project consists of two components: more than $1.3 million for tenant improvement / build-out costs associated with the lease of 44,385 square feet, and more than $4.6 million for the cost of the comprehensive training program for 650 new employees.  This is the City’s largest single TIF commitment for human capital development to date.   

The company chose the Loop site over sites in Albuquerque, NM, Jacksonville, FL and Nashville, TN.   The City of Chicago’s Historic Resources Survey classifies the 231 S. LaSalle building as “Orange” in its color-coded ranking system used to identify historic and architectural significance relative to age, degree of external physical integrity, and level of possible significance. 

Shops and Lofts at 47

The Commission also recommended the negotiated sale of land and developer designation for a project in the Grand Boulevard community to four entities  jointly applying for TIF funding and developer designation: (1) The Community Builders, Inc. d/b/a TCB Illinois NFP, Inc., (2) TCB Development Services LLC, (3) Mahogany Chicago 47, LLC, (4) Lofts 47 Phase I Limited Partnership.   

This project, located on the southwest corner of 47th Street between Cottage Grove Avenue and Evans Avenue, will consist of a five story mixed use building with 72 rental units and approximately 28,500 square feet of retail space which will include a grocer tenant.

The plan includes city conveyance of the land for $1 and TIF assistance in the amount of $8,833,328.  It is estimated the project will include approximately 22 permanent jobs and 108 temporary construction jobs.  The project is located in the 43rd/Cottage Grove TIF district.

Request for Proposal in South Shore Community

The Commission today authorized the City to advertise and issue a Request for Proposals for the purchase and redevelopment of the vacant property located at 1668-1708 East 71st Street in the South Shore community.  The target price for the property is its appraised value of $260,000. 

This site serves as a prime location for retail/mixed use development because of the traffic count along 71st Street, as well as its accessibility to the Dan Ryan expressway, the Chicago skyway (I-90), the Lake Shore Drive, the Calumet expressway (I-94) and is served by the Metra Electric District which divides 71st street.