If you were to walk the 3900 to 4500 blocks of Indiana, Prairie, and Calumet avenues in Chicago's Bronzeville neighborhood, you would be able to count 42 vacant lots owned by the city. Tuesday, Mayor Rahm Emanuel and Alderman of the Third Ward Pat Dowell announced that the city will sell those lots to developers so that they can be all be turned into market rate housing. 

Per Crain's, Chicago will sell each lot for $1 to five developers (R&D Builders, Wade Enterprises & Associates, Click Development, Greenline Homes, Urban Equities) who will then sell the houses for $440,000 to $589,000. The current median sale price for the region is around $167,500 but it's not uncommon to already see some homes listed for $400,000-$500,000.

The first five homes in the deal are expected to hit the market by August.

Bronzeville originally made it's mark in the early 20th century following the Great Migration which gave way to a boom in high-rise public housing projects during the mid-century. In recent years the neighborhood has seen a revitalization effort thanks in part to the arrival of a new Metra station in 2011. Other recent additions close to the lots include the Arts & Recreation Center at Ellis Park, a Mariano's grocery store on King Drive, and a new pedestrian bridge over Lake Shore Drive at 35th Street. The incoming homes should be a welcome addition for the trajectory of the neighborhood as well as the region. 

Source:

42 new homes planned in Bronzeville [Crain's]