Greater Grand Crossing, Belmont Cragin, Property sales, Mixed-use development, Fiscal year 2021 goals
You can register to join the meeting here: https://zoom.us/webinar/register/WN_P9QLPsfwRaWiOWDQHvibyg
And here is the link to the agenda: http://www.cookcountylandbank.org/wp-content/uploads/2021/02/CCLBA-Land-Transactions-2-19-2021-minutes.pdf
The first presentation is for 7346 S. Cottage Grove Ave, a former funeral home, which was acquired by the CCBLA for $105k
Bonita Harrison is presenting, the owner of Sunshine Management - a vertically integrated real estate firm which owns 100+ units
They plan to build out residential units, a sit down restaurant, and event space. The residential space projects $144k first yr net operating income; the restaurant projects $1.2m/yr in sales & $266k annual profit; the events space projects $251k annual profit
St. Mark’s A.M.E. Zion Church is looking to use the event space for community outreach
An estimated 250 jobs will be created, it’s unclear if they are full or part time jobs
Commissioner Maurice Cox asks about the building: Harrison clarifies it’s a mixed use property, three-story building, with a large parking lot next door along Cottage Grove and 74th St. https://t.co/RTH1Sj31lH
The resolution to enter a Purchase Sale Agreement with Sunshine Management passes unanimously
Next up is 5942-44 W Fullerton in Belmont Cragin which CCBLA acquired on Aug 4, 2020. Hector M. Avilla is the proposed buyer who wants to open up a cafe that will be owned and operated by Avilla’s family
The property has a $190k purchase price. Avilla plans to name it Nikki’s Coffee & Sandwiches, after his daughter.
The total budget cost for the renovation is $20k which will primarily be used to build out the kitchen. They anticipate good foot traffic given the composition of the neighborhood.
The next property is at 1809 S. Wolf Road in Hillside, IL which CCBLA acquired on June 3, 2020. The purchase price is $60k (for context, all properties selling for $50k-$250k go through this committee)
The 4,000 sqft property was previously a daycare, it’s been vacant for 7 years so will require significant rehab https://t.co/fkCDHPoF7w
Ayoob Shafi is the buyer who has experience owning a convenience store in Uptown and currently owns a religious center in Skokie. He proposes to build a small health food convenience store.
That concludes the transaction presentations. Darlene Dugo, Sr. Acquisitions Manager at CCLBA, summarizes the Transaction Report for Dec 1, 2020 - Jan 31, 2021 https://t.co/5GFD9xai01
She points out January had the highest number of applications the CCLBA received over the last year https://t.co/iASWnBhIAf
Meeting adjourned at 11:21 p.m. This concludes the CCLBA Land Transactions meeting. For more meeting coverage, check out http://documenters.org.