It’s always been clear that the dollar figures in Mayor Lightfoot’s administration’s INVEST South/West talking points was a combination of existing city-funded projects and future projects to be funded by city and non-city funded sources.

Now I have a better idea of where the non-city funding comes from.

In November 2021, Lightfoot announced the two-year anniversary of ISW and said it “generated $1.4 billion in investment commitments to date”.

Here’s how they get to $1.4 billion:

  • $525 million in city investments
  • $300 million in the RFP projects in the ISW corridors (mostly mixed-use with an affordable housing component)
  • And $575 million in “corporate and philanthropic commitments”
The vacant lot on the left of Ogden Avenue is one of the INVEST South/West RFP sites. The police station parking lot on the right will also be redeveloped. Both are getting mixed-use (housing + retail) developments.

It’s the last funding source, of “corporate and philanthropic commitments”, that I was most interested in, so I asked the Chicago Department of Planning & Development to break that down. The breakdown follows:

  • Over $200 million in commitments towards housing and small business support from Community Investment Corporation (CIC) and JP Morgan Chase
  • ~$95 million in project costs for Amazon distribution centers in Humboldt Park and Pullman
  • ~$33 million in investment towards the new Southside Discover (the credit card company) call center 
  • $20 million commitment by Fifth Third Bank towards the South Chicago community 
  • $20 million from Fifth Third Bank for opportunity zone investments in ISW neighborhoods 
  • $12.25 million towards the Reclaiming Chicago housing initiative in North Lawndale
  • $10 million from Pritzker Traubert for the Chicago Prize winner on the Auburn Gresham corridor 
  • Over $2 million for the Pre-Development Fund launched by the Chicago Community Trust for minority developers involved in ISW RFPs or Chicago Prize finalists 
  • ~$8 million in capital from the Entrepreneurs of Color Fund
  • $10 million committed from Starbucks for small businesses in ISW neighborhoods 
  • $10 million committed to United Way from BMO Harris Bank in Austin community