Real Estate Development
CNI partners with public and private stakeholders to develop commercial, industrial and residential real estate. These developments, including grocery stores, affordable housing, workspaces and retail centers, bring much-needed services and amenities to underserved communities. CNI also partners with stakeholders to restore, preserve and adapt vacant and abandoned buildings and historic properties – an essential step in neighborhood revitalization.
Putting an end to “Food Deserts”
Over the past five years, CNI has worked with local organizations to bring three full-service grocery stores to Chicago neighborhoods lacking in fresh food options. These include the 150,000 sf Walmart Super Center in Pullman, which opened in 2014, as well as a 74,000 sf Mariano’s in Bronzeville and an 18,000 sf Whole Foods in Englewood, both opened in Fall 2016.
Preserving History while Building for the Future
CNI brings a great deal of experience and expertise in utilizing a wide range of public financing tools to develop new projects. These include Tax Increment Financing (TIF) and New Market Tax Credits (NMTCs) for commercial projects and Low Income Housing and Historic Tax Credits for residential developments. These tools, in turn, help attract additional private investment.
Facilitating Development on High Impact Projects
CNI’s wholly-owned Community Development Entity has deployed $55 million in New Market Tax Credits to develop five high-impact community projects. These projects strengthen neighborhoods and improve the lives of local residents. They include the Ray and Joan Kroc Salvation Army Center in West Pullman; the Roseland Community Hospital; Noble Charter School Network; the Lawndale Christian Health and Fitness Center; and the WINGS Metro Domestic Violence Shelter.