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Developers behind Chicago’s former Immaculata High School say the project is moving ahead, helped by a new crypto-funding plan. The Chicago Sun-Times reported plan to let investors buy shares in the site using digital assets, as the team converts the landmark into apartments and adds a 22-story senior-living tower.
The program will match each investment share to a unit and pay returns from rent. Urbanize Chicago described raise that accepts cryptocurrency and could open the door to more small investors. Chicago YIMBY outlined timelineshowing Phase 1 as an 18-month rehab of the historic buildings, followed by a new tower on the parking lot.
“The goal isn’t for this to remain in the crypto world, but crypto investment is the main vehicle to realize the raise,” said Timothy Gianotti, President of the American Islamic College, which owns part of the land. He added that anchor investors are in talks now, as the team prepares to open the offering to the public, the Sun-Times quoted remarks.
Background: The Immaculata campus sits at 640 W. Irving Park Road in Uptown. The former girls’ school closed in 1981 and later became home to the American Islamic College. City approvals arrived in 2022. Plans call for 235+ apartments in the old buildings and a 192-unit senior tower with independent, assisted, and memory-care options.
Past context: Chicago is seeing more “real-world asset” funding models. By using crypto rails, developers hope to cut costs, allow smaller checks, and speed closings. If the Immaculata project meets its schedule, the first apartments could open after the 18-month build, with the senior tower following roughly two years later.
