Breathing Life Into
the South Suburbs
The Economic Impact of Two South Suburban Land Bank Property Transformations
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Distressed properties are an eyesore—but they’re also an economic burden.
A single abandoned home can undermine the stability of an entire block, affecting everything from crime to property values to the simple enjoyment of a neighborhood
The South Suburban Land Bank converts these homes - often in serious disrepair - into productive, profitable, and impactful community assets.
Below, we present two cases that highlight the economic impact of South Suburban Land Bank’s strategic redevelopment initiatives—and the steps it took to make it all happen.
Transformation of 223 Marquette St., Park Forest, IL
Initial Property Conditions
The property at 223 Marquette St. was acquired in a severely neglected state. The place was rundown in every way possible: substantial amounts of trash, abandoned belongings, and, disturbingly, even deceased animals. The yards and surrounding areas featured overgrown foliage, and the interior had deteriorated to a point where a complete gut renovation was necessary to restore it to a livable condition.
Initial Disposition and Investment
By February 2023, the Park Forest property sold for $41,000. The rehabilitation process involved an initial investment of $62,650 by South Suburban Land Bank's private partners, contributing to a total investment of over $103,650. Including property maintenance and clean-up expenditures, the total local economic input exceeded $108,000.
Transformation of 719 E. 192nd St., Glenwood, IL
Initial Property Conditions
The property at 719 E. 192nd St. faced similar challenges as 223 Marquette St. It was burdened with extensive trash, abandoned items, severe structural problems, unmanaged foliage, and interiors requiring major renovation. Despite these obstacles, our team transformed the Glenwood property in less than a year, turning it into a valuable asset.
Initial Disposition and Investment
South Suburban Land Bank acquired the Glenwood property in October 2020 and sold it for $80,000, roughly a year later in August 2021. Nearly $30,000 was injected into the local business ecosystem. An additional $61,000 investment by private partners brought the total private sector investment to over $140,000.
"Park Forest has been a fantastic partner! Together, we've made a real difference in their community, revitalizing over 20 properties and strengthening their tax base. They rave about our team's dedication and effectiveness, and have built strong relationships with Joe and Richard through numerous productive meetings.”
— Rhonda Dobbs, Operations Manager
Long-term Positive Impacts
South Suburban Land Bank’s efforts are about way more than just economic gains. It’s about bringing our neighborhoods to life. It’s no secret that a beautiful neighborhood attracts more investment—but along with that exuberance also comes increased property values that boost homeowner equity, better safety and security, and instill a sense of pride in the community. The revitalization, plainly put, helps citizens live betterlives.
SDA and South Suburban Land Bank Mission Alignment
The Southland Development Authority (SDA) and South Suburban Land Bank work together for transformative and inclusive economic growth. We invite community leaders, businesses, and residents to partner with South Suburban Land Bank to manage, transform, and revitalize distressed properties in their communities. Together, we can continue to convert vacant properties into valuable assets, fostering a healthier and more prosperous South Suburban region.
51%
Land Bank Net Income Growth Since 2021
$453 K
Annual Property Tax Revenue Generated for Land Bank Communities in FY23
153
Land Bank Properties Sold Between 2016-2023
A Snapshot of Economic Impact
Read the 2023 South Suburban Land Bank Impact Report
The Chicago Southland is poised for continued growth and prosperity; the Land Bank is a powerful tool to reach its potential.
Are you interested in making an impact?
Contact us to get involved