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City Services

July 26, 2017

City Council Approves Financing For Rogers Park Mixed-Use Project


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
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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