6943 S. Cornell, Chicago, IL
CHICAGO, IL—North Wells Capital, the investment management affiliate of Chicago-based Urban Innovations, is acquiring 6943 S. Cornell, a 43-unit multifamily rental property in Chicago's South Shore neighborhood. North Wells Capital plans to make substantial upgrades to units and common areas at the property. The redevelopment was financed by Byline Bank, building on its strong relationship with North Wells Capital.
Originally constructed around 1912, 6943 S. Cornell is a classic example of eclectic architecture. The property needs significant updating and repair to restore it to its previous standard of providing affordable, highly efficient, quality housing. 6943 South Cornell is located just a couple of blocks south of Jackson Park, home of the new Obama Center scheduled to break ground in the spring.
6943 S. Cornell is located in one of Chicago's designated Opportunity Zones, under the new federal program created to encourage investment in underserved communities by providing tax incentives. North Wells Capital is one of the first firms to announce an Opportunity Zone investment in Chicago.
“North Wells Capital is looking forward to restoring this beautifully built courtyard building and through it creating a positive impact on the surrounding neighborhood,” says Jim Fox, CEO of North Wells Capital. “Everyone is talking about Opportunity Zone investments, but very few transactions have occurred to date. North Wells and our affiliate, Urban Innovations, have a long and successful track record of making investments that improve the local area, specifically as pioneers in River North. This represents the first of what we hope are many opportunities to contribute to the revitalization of underserved neighborhoods in Chicago.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
