In February 2012, CDF provided $8.3 million in New Markets Tax Credit financing to Arches Retail Development, LLC (an affiliate of Granite Development) to construct a 28,000 square foot medical office facility on the ground floor of a mixed use building at 3735-3755 S. Cottage Grove in the Madden/Wells redevelopment area. The anchor tenant is a community health clinic operated by Mercy Hospital and Medical Center, which is currently utilizing 14,000 square feet of the commercial space included in the project.
Mercy provides a comprehensive array of patient services in pediatrics, obstetrics/gynecology, cancer care, diabetes, heart and vascular, orthopedics, stroke, and weight management. The health center supports approximately 30 permanent full-time equivalent jobs and serves approximately 9,400 patients annually with over 25,000 visits. The upper floors contain 48 units of mixed-income CHA Transformation rental housing developed by The Community Builders via a separate financing structure.
Mercy is a full-service hospital that has been located in Chicago since 1852. Granite Development is a Chicago-based, minority-owned development firm that has participated in the HOPE VI redevelopment of the CHA’s former Madden Park/Ida B. Wells public housing site. A project ribbon cutting was held on July 26, 2013.