Community assets are those built, natural, cultural and institutional elements that most define a neighborhood. They are anchor institutions, identity markers and community stabilizers. As such, they help guide local capital investment decisions.
The Far Southwest Side is built up almost completely, with little vacant land and only a single large plot of former industrial space at 107th Street east of Vincennes, where the Beverly Ridge housing development stalled out after about a dozen homes were completed. Unlike other parts of Chicago where major developments might anchor new investments, these neighborhoods rely mostly on assets that have been in place for decades.
Though the area is home to about 400 small businesses, all three of the main shopping corridors—95th Street, Western Avenue, and 111th Street—have empty storefronts. The City of Chicago’s 2005 Beverly Morgan Park and Mount Greenwood Corridor Opportunity Study found that the corridors had functionally obsolete buildings, lack of unified design and signage, and deteriorated parking areas. [Excerpted from Summary of Assets]