4 finalists aim to bring investment into communities of color, present ideas at City Club of Chicago

CHICAGO (WLS) -- Four projects aim to bring business and investment into communities of color.

One of them will get a $10 million prize.

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A building on Cottage Grove Avenue and 43rd Street has seen better days.

But some want to make it part of a thriving Bronzeville business community.

It's among the spaces that the Cottage Grove Collective hopes to make ready for retailers and services.

A vacant lot at 1000 E. 43rd St. would be space for several businesses, under the Collective's plan.

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"We need to remove the blight of vacant lots and buildings and replace them with retail spaces where people gather," said Rhonda McFarland, with the Cottage Grove Collective and Quad Communities Development Corporation.

The Collective is among four finalists for the "Chicago Prize": $10 million over five years from the Pritzker Traubert Foundation.

On Wednesday, the four presented their projects at City Club of Chicago.

"In many of these communities that have been under investment, this is really about giving them an opportunity to advance economically, for the communities to build generation wealth," said Kareeshma Ali, with the Pritzker Traubert Foundation.

In Bronzeville, the Collective wants to see more opportunities for residents to get what they need in the community and keep those dollars local instead of spending elsewhere.

"We are looking to reduce that retail leakage that we know leaves our community. We are looking to increase our tax base; some of those tax dollars come directly to our corridor's special programming," McFarland said.

The winner of the $10 million prize will be announced in the fall. The remaining finalist will also have access to matching funds, with the goal to bring more to the communities they serve.