Land bank turning around properties
Photo courtesy of the South Suburban Land Bank and Development Authority
Fay’s Point sits on an eight-acre stretch in Blue Island on the Little Calumet River, just a few hundred yards from the Cal-Sag Channel. The site includes a marina with more than 80 boat slips and is surrounded by wetlands. This piece of land is owned by the South Suburban Land Bank and Development Authority, which acquired and maintains the marina and has helped restore the wetlands.
The Land Bank works to turn around residential, industrial and other properties in the south suburbs. The process often involves managing, rehabbing and selling of properties. The need is great: For example, in 2015 alone, there were 4,996 residential foreclosures in Millennium Reserve, according to data analyzed by the South Suburban Mayors and Managers Association (SSMMA). Read more here.