Hyde Park, President Obama’s Old Stomping Grounds, Has Seen A Revival

(CBS) – Hyde Park, the scene of President Obama’s visit Thursday, has changed since the commander-in-chief was a law professor at the University of Chicago campus.

CBS 2’s Vince Gerasole looks at some of those transformations.

The young entrepreneurs at Moneythink are teaching simple and sound budgeting principals to low-income students nationwide.

“It’s especially crucial for economically vulnerable folks, and that’s what we are on a mission to solve,” says Ted Gonder.

He’s among the members, mostly Millennials, who are incubating ideas in the loft style spaces of The Chicago Innovation Exchange, a business lab created by the U of C along 53rd Street.

“They understood our mission, and they built the support systems to help us find our foundation, fine our way,” Gonder says.

Take a look just outside and there are fancy boutiques, and mid-rises.

To keep pace with other academic institutions, the University of Chicago realized somewhat sleepy Hyde Park needed to turn a corner and attract new businesses.

Of the 30 new businesses here, many are local. Ja-Grill Restaurant even relocated from tony Lincoln Park.  Owners say they were drawn to a vibrant local population stretching beyond the university.

The effort has created some 400 jobs, and is encouraging a new generation to stay.

“As people stick around and participate in the local community, there’s a ripple effect,” Gonder says.

Major retailers that also will be opening in Hyde Park in the next year or so include a Target on 53rd Street; and a Whole Foods Market, a Marshall’s department store, and a Michaels craft store that will anchor a 15-story Jeanne Gang-designed mixed-use tower going up at 51st and Harper.

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