News Release
News Release Facts

Department:

City Services

July 26, 2017

City Council Approves Financing For Rogers Park Mixed-Use Project

312.744.9267

A $55 million, mixed-use, mixed-income housing complex will be built in Rogers Park through a multi-family loan approved by City Council today.

Planned by Three Corners Development for Chicago Housing Authority (CHA) land at 6418 N. Sheridan Road, the six-story Concord at Sheridan will include 65 units for CHA tenants and 46 units to be leased at market rates
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The project will create 400 temporary construction jobs and up to 80 permanent jobs.

The $2.2 million City loan for the project has zero percent interest rate and a 30-year term.

Additional financing includes $19.8 million in capital funding from the CHA, which will also lease the site for $1 over 99 years, and other public and private sources.

The seven-story, transit-oriented complex is planned to include a 30,000-square-foot Target store, a 5,000-square-foot community room, and 125 underground parking spaces for building tenants, visitors and patrons.

Construction is expected to begin later this year.

 


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