$40M High-Rise Unveiled By Black Entrepreneurs On Chicago’s South Side

Five Black men including real estate guru Jemal King, are spearheading the development of a groundbreaking high-rise on Chicago's South Side.

In a remarkable tale of ambition and community upliftment, five Black men, including self-made millionaire Jemal King, are spearheading the development of a groundbreaking high-rise on Chicago’s South Side, according to ABC News. Known collectively as the “Model of Transformation,” the development group aims to create more than just a luxury building; they aspire to be catalysts for positive change in the community.

Jemal King, a Chicago-born real estate investor, transitioned from a career as a police officer to become a 9-to-5 millionaire through savvy real estate investments. Now, he and his partners, Mark Beaufort, Damen Stuart, Gerald Williams, and Johnny Mullins, are embarking on a $40 million project called “The Xchange” at 72nd Street and Exchange Avenue in the South Shore neighborhood of Chicago’s South Side.

Standing at an impressive 17 stories, the high-rise will boast 120 luxury units and feature four to eight commercial spaces, hosting some of the finest restaurants. King envisions the building as a symbol of growth and pride for the community, with a black and gold color scheme reflecting Black American culture.

“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,” asserts King, emphasizing their commitment to community-centric development.

In addition to creating a visually striking and modern landmark, the Model of Transformation group intends to nurture the next generation. King and his partners are actively working to expose local children to programs focused on architecture, development, and entrepreneurship. Their goal is to inspire future leaders who can carry the torch of progress in the community.

“The one thing that I want a kid to know 100 years from now when they walk past is that this building was developed by five men who just believed that all things were possible,” King affirmed, highlighting the enduring impact they hope to leave.

The Xchange project is poised to break ground in the upcoming spring, with an anticipated completion date in late next year. As Chicago continues to evolve, this transformative endeavor led by a visionary team of Black entrepreneurs stands as a testament to the power of community-driven development and the realization of ambitious dreams.