Your Startup Guru created a real estate development pitch deck for The Avalon Regal Theater as part of a $110M revitalization project in Chicago’s South Side, including a $1M commitment from Kanye West to The Avalon Regal Theater’s renovation.
About Avalon Regal Theater
The historic theater opened on August 29, 1927, and has since had performances from Tupac, Jay-Z, Kanye West, Louis Armstrong, Josephine Baker, Cab Calloway, Nat King Cole, John Coltrane, Miles Davis, Duke Ellington, Pearl Jam, The Supremes, and many more. It even held an election-night party to celebrate Barack Obama’s victory in 2008.
The Avalon Regal Theater was designated as a Chicago Landmark in 1992.
There are myriad social, economic and environmental factors present in predominantly African-American urban neighborhoods that can lead to dysfunction. These factors are well documented both nationally, and particularly among neighborhoods on Chicago’s South and West sides.
Chief among the factors causing dysfunction is a cycle of intergenerational poverty. A recent report by the Pew Research Center showed that 38.3 percent of black children in the United States now live in poverty, nearly four times the rate for white children.
Beyond the social impact of blighted neighborhoods, the economic opportunity cost is significant. When most household in the area purchase goods and services outside of their neighborhood, it leads to a retail gap of over $400 million dollars. This lost capital cannot be reinvested into a struggling community, which causes a pernicious downward spiral.
The Chicago Regal Foundation (“CRF” or the “Foundation”) and Community Capital Investment Partners (“CCIP” or “Community Capital”) are proposing a multi-phased, $110,000,000 investment in the historic South Shore and Avalon Park neighborhoods on Chicago’s South Side. Through a combination of traditional philanthropic support and market-based initiatives, the project will be developed around the juncture of 79th Street, Stony Island Avenue, South Chicago Avenue, and the Chicago Skyway, incorporating the newly christened Regal Theater District as the cornerstone of a larger Arts & Innovation Corridor (the “District” or “Corridor”).
When combined with recently announced nearby projects such as the Barack Obama Presidential Library campus, the historic Pullman District National Monument, and the 600-acre Lakeside Development the opportunity exists for a large-scale transformation of Chicago’s South Side.