5 Black Entrepreneurs Are Developing A Chicago High-Rise That Will Promote Youth Entrepreneurship
Five Black entrepreneurs are behind “The Xchange,” a $40 million high-rise development project in Chicago’s South Shore neighborhood.
The project aims to put the community first, with plans to offer competitive rent and integrate architecture, development, and entrepreneurship programs to benefit local youth.
Meet The Team
Jemal King, known as the “9-to-5 millionaire,” anchors the group with a tale of resilience and ambition.
Despite his NFL dreams, King found his calling in real estate while serving as a police officer, a decision that led to significant success.
His determination and commitment to financial security for his family fuels his current venture.
King is part of a development group called “Model of Transformation,” made up of five Black men: Mark Beaufort, Damen Stuart, Gerald Williams, Johnny Mullins, and himself.
Together, the group is developing a $40 million high-rise, poised to grace the 72nd Street and Exchange Avenue skyline.
A High-Rise “For the community”
“The Xchange” promises to be more than a typical high-rise.
“It’s gonna be 17 stories. It’s gonna overlook Lake Michigan. It’s going to be 120 luxury units, going to have anywhere from four to eight commercial spaces, which is going to house some of the finest restaurants,” King told WLS-7 in Chicago.
“We’re gonna keep rent competitive to what’s already there in the area, you know, especially from the Hyde Park area, South Shore area. We’re not trying to rent gouge. We want this development to be for the community.”
What also sets the project apart is its commitment to the community. The group plans to offer competitive rents to ensure the development serves the neighborhood’s needs.
Staying true to their transformative ethos, the partners plan to integrate architecture, development, and entrepreneurship programs to benefit local youth.
This initiative aligns with their goal of leaving a lasting impact on the community, particularly for future generations.
Construction will begin in spring 2024, with completion targeted for the end of 2025.
