Project Description
RCAP, LP is a minority partner in the Rosenwald Courts redevelopment in Chicago, Illinois. A historic building in the Bronzeville neighborhood, the Rosenwald was a key landmark in this predominantly African-American area for years. The complex was conceived by Julius Rosenwald, founder of Sears, who invested heavily in creating affordable middle class housing for African-Americans in Chicago. At various times, residents included Quincy Jones, Nat “King” Cole, and Gwendolyn Brooks. Economic troubles led to closure of the apartment building in 2000 and it has remained vacant since.
Fifteen EB-5 investors have invested $7.5 million in this project. The scope of the comprehensive development is striking – over $100 million will be used to renovated the complex, which takes up an entire city block. The end result will be apartments, senior living units, retail space, and a beautiful interior courtyard. Financing for this project closed in early 2015 and construction began shortly thereafter.