CHICAGO (CBS) — Students from nine Midwestern universities will be competing Saturday for a chance to have an impact on one of the neediest neighborhoods in Chicago.

Teams of students will be competing in the 6th Annual Harold E. Eisenberg Foundation (HEEF) Midwest Real Estate Challenge.

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HEEF board member Jenna Goebig said the teams will present their proposals on what to do with nearly 7.5 acres of city-owned land at 63rd and Halsted streets in Englewood, site of the old Englewood Mall, and right next to where a new Whole Foods Market is being built.

“Students are going to bring their full redevelopment proposals for this parcel of land. We’ve asked them provide everything from the redevelopment plan that includes property analysis, zoning and entitlement analysis, marketing and development strategies,” she said.

In the past, developers have used some parts of a winning team’s proposal in their development, according to Goebig.

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“That’s a really big moment of pride for those students to know that they’ve impacted a development before they’ve even gotten out of school,” she said.

Students range from college freshment to 2nd year MBA students, Goebig said, adding it’s not unusual for teams to have students who major in engineering, finance, and the law.

This year’s teams of students are coming from the University of Illinois at Chicago, the University of Illinois at Urbana-Champaign, Loyola University Chicago, Roosevelt University, DePaul University, the University of Notre Dame, Indiana University, the University of Missouri, and Marquette University.

Goebig says the goal is to provide students with “hands-on opportunities to apply what they’ve learned in their university courses”.

The winning university gets a $5,000 scholarship.

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The presentations will take place at the Standard Club, 320 S. Plymouth Ct.