A new funding scheme has been announced for the upcoming redevelopment of the Immaculata High School campus at 640 West Irving Park Road in Uptown. Located at the corner of North Marine Drive, the project was first revealed over four years ago by developer KGiles LLC and approved by the city in late 2022.

Since then, the historic campus has continued to serve as a home for the American Islamic College (AIC) as well as a temporary migrant shelter. Now, however, it appears that KGiles is ready to move forward with the development, which is being designed by Perkins Eastman and Level Architecture. To do so, the $210 million project is turning to an unconventional funding strategy.

Led by Neem Capital and in collaboration with AIC, the project will allow investors to purchase shares of the building. Each share will represent a specific unit, and investors will earn returns from the rental income. Those returns—expected to range from 7 to 10 percent annually—can be cashed out via stablecoins, USD, or tuition credits at AIC, according to BLDUP. Visit Chicago YIMBY for full article!