Transit-oriented, mixed-use and mixed-income development provides affordable housing, a new Target Store, and underground parking in Rogers Park
CHICAGO, Sept. 12, 2019 /PRNewswire/ -- Elected officials, developers and other stakeholders will celebrate the Grand Opening of The Concord at Sheridan, an innovative mixed-income development located at the southern edge of Chicago's Rogers Park community at 6438 N. Sheridan Road on Thursday, September 12th at 11:00 AM.
The site of the new development, which was formerly a surface parking lot, now boasts a transit oriented development which includes 111 apartments, of which 65 are affordable units reserved for low-income residents. The other 46 units are leased to market-rate renters. The 65 affordable units are supported by CHA project based vouchers and will be leased to renters from the CHA wait list. There is 29,400 square feet of retail at the street level including a new 23,200 square-foot Target Store, along with 133 below grade indoor parking spaces. In addition, directly south of the development, a new 5,000 square-foot community building was built adjacent to the Chicago Housing Authority's (CHA) Caroline Hedger Apartments - home to more than 500 seniors who will enjoy an outdoor, rooftop terrace with furniture and greenery.
The Concord at Sheridan's seven-story mid-rise with red-orange brick and gray cast stone accents presents a striking façade and celebrates all that urban life has to offer; quick easy access to transit and a variety of shopping, restaurants and cafes, many of which are located within a few blocks of the development and less than a block from the Red Line. Residents also have access to five different bus lines.
The new complex is the result of a successful public-private partnership that includes CHA and co-developers Three Corners Development, Iceberg Development, Lightengale Group and Cubit Development Group. The unique development required a number of financing sources including $20,600,000 in Capital Funds from CHA and $2.2 million in HOME funds provided by the City of Chicago. Credit Capital provided $8.7 million in tax credit equity, while the Illinois Housing Development Authority (IHDA) provided a Risk Share loan of $5,750,000 and $2,300,000 from its Trust Fund. It should be noted that a portion of the CHA funds, all of the IHDA Risk Share funds, and a portion of the Tax Credit equity were bridged by Citibank through $22,000,000 of tax exempt bonds issued by IHDA. The Burton Foundation provided $1.14 million in seller financing, while the development team deferred a portion of their fee, for an additional $1.3 million.
Said Virginia Pace, President of co-developer Lightengale Group, "as much as we know the great need for affordable housing in our communities, we sadly know that there are just not enough funds to fill the need. Importantly, this wonderful project could never have come to fruition without the Chicago Housing Authority's vision to think more creatively and use its resources to leverage more affordable housing. What used to be a parking lot is, today, an underground parking lot, and above that is new retail and affordable and market rate housing - greatly benefitting and complementing the diverse community of Rogers Park."
To commemorate the opening of this important development, speakers at the event will include Ald. Maria Hadden of the 49th ward; Ann McKenzie, CHA's Chief Development Officer; Christine Moran, Managing Director of Multifamily Financing for the Illinois Housing Development Authority; Lightengale Group President Virginia Pace; Jim Bergman, Principal of Iceberg Development; Dan Levin, founder and Chairman of the Habitat Company; and Mirko Jokanovic, Vice-President of Credit Capital LLC.
"The Concord at Sheridan reiterates CHA's commitment to providing mixed-income housing opportunities across the City of Chicago," McKenzie said. "We are excited to bring this development to Rogers Park, where residents will benefit from a thriving, vibrant community."
The Concord at Sheridan is located on the west side of Sheridan Road, between Devon and Arthur Avenues, 8 miles north of downtown and only a few short blocks west of Lake Michigan. The new development has created an almost entirely new city block in Rogers Park that, along with other development activity, has helped to re-invigorate the southeastern edge of the community.
The development includes 64 one-bedrooms, 46 two-bedrooms and one studio. Market-rate rents begin at $1,041, while the affordable rents are based on the resident's income. All households living in affordable units must earn less than 60% of the Area Median Income. Common area amenities for residents include a large resident lounge room with warming kitchen, a game area, fitness center, shared co-working space, private conference room, and an outdoor amenity terrace with fire pit. There will also be a dog run.
Green features at the development include a green rooftop, green podium roof (second level), high-efficiency water saving fixtures, energy-efficient light fixtures, and low-VOC paints. The development offers bike storage for each household and has a walk score of 92.
The development was designed by the award-winning architecture firm of GREC. The General Contractor for the development is Riteway Madison LLC.