Baum Revision, LLC is a real estate development company based in Chicago, Illinois. It is acquiring and rehabilitating two industrial properties at 3333 W. Lake St and 3843 W. Lake in Chicago’s Garfield Park Neighborhood.
Due to the over 50% poverty rate, high unemployment rate, and poor infrastructure, the City of Chicago has identified the Garfield Park area as a target area for development, and the project has garnered the support of both the Deputy Mayor Mayekar of Chicago and Department of Planning and Development (DPD) Commissioner Cox. The Garfield Park community has seen very few commercial investments over several decades. This project will help create jobs and, in turn, could increase the economic outlook in the community.
The Garfield project will bring tenants that will train employees and provide good-paying jobs in the neighborhood. he two properties are located near Garfield Park and the Garfield Park Conservatory. The Garfield Park Conservatory is one of the largest and most impressive conservatories in the United States. Nearly 20% of the neighborhood is managed by the Chicago Park District, with Garfield Park occupying the area’s northwest corner.
The Eastern Garfield Park area has had a long‐standing issue with violent crime and property crime; in 2014, it was ranked 6th out of 77 community areas in Chicago in violent crime and 10th among Chicago community areas in property crimes. The project will support economic development in the Garfield Park Neighborhood. 10 projected jobs created. 25 projected jobs to be retained. 65 construction jobs to be created. 35 jobs accessible to low-income people. 35 jobs not requiring a college degree.
“We are pleased to collaborate once again with NCIF on this important transaction for the Garfield Park community and the economic benefit this transaction will create. This facility is a testament to the impact that the NMTC program can have on our communities, and we were incredibly proud to have partnered with NCIF to make a difference in this community.” -Faruk Daudbasic, First Eagle Bank