ROGERS PARK — A controversial $55 million development that would bring mixed income apartments, parking and a Target store to Rogers Park cleared its final hurdle at City Hall Wednesday.
Called the Concord at Sheridan, the project involves a partnership between Three Corners Development, the Chicago Housing Authority and Target stores for a seven-story, 111-unit building which would also house a 30,000-square-foot Target and 125 underground parking spaces at 6418 N. Sheridan Road.
Of those units, about 60 percent (65 apartments) will be leased to CHA tenants, while the remaining 46 units will be rented at market rate to the general public, according to a statement from Mayor Rahm Emanuel's office.
The space is currently a parking lot for the neighboring CHA-owned Caroline Hedger Apartments for seniors, though most of the area has been taken up by construction equipment.
The city's Plan Commission approved the development in May.
On Wednesday, officials approved $2.2 million in city loans with 0 percent interest for the project. The CHA earlier approved $19.8 million in financing from its capital fund. The remaining funds will come from "other public and private sources," Emanuel's office said.
The project has received mixed-reaction from community members, some who have lauded the development as a way to bring more affordable housing and convenient shopping into the neighborhood, while others have said it should have devoted all of its units to CHA tenants and expressed worry the Target may drive away business from local retailers.
Other concerns have included parking, noise and traffic snarls during construction.
Seniors at the Caroline Hedger Apartments and housing advocates have been outspoken about their disapproval of the project, in particular because it requires removing their current community room.
The new development would include a new 5,000-square-foot community room.
According to the mayor's office, construction is expected to begin later this year.
