Chatham Plaza, A Development Co-Owned By Neighbors, Sells For 3.2 Million

Chicago Transforming Retail Economics of Neighborhood Development (TREND) sold Chatham Plaza for $3. 2 million, generating a $1. 2 million profit from its 2022 purchase for $2 million. This profit will be distributed between TREND and over 380 community investors, most of whom are women and people of color from low- and moderate-income neighborhoods. CEO Lyneir Richardson highlighted that community investors earned almost $600,000, representing a sixfold return on their initial investments.

TREND intends to remain as the plaza's management, ensuring that the property reflects the community's interests and needs. The firm has previously added new businesses to the plaza and improved its facilities, indicating a commitment to community development. TREND's model promotes the idea that enhancing shopping centers can positively impact neighborhoods. With this sale, TREND aims to demonstrate that community work can yield financial returns for local investors. The company looks forward to acquiring more shopping centers co-owned by community members in the future.