Partially Affordable Community Opens Doors in Chicago
- Sep 13, 2019
The Chicago Housing Authority, along with co-developers Three Corners Development, Iceberg Development, Lightengale Group and Cubit Development Group, have opened The Concord at Sheridan, a transit-oriented property in Chicago’s Rogers Park. The mixed-use development includes 65 affordable units and 46 market-rate apartments. GREC Architects designed the seven-story building and Riteway Madison served as general contractor.
Located at 6438 N. Sheridan Road on a former parking lot, the property provides easy access to shopping, restaurants and cafes, as well as five different bus lines. The Concord at Sheridan is 8 miles north of downtown Chicago and close to Lake Michigan. Market-rate rents start at $1,041, while the affordable rents are set aside for households earning less than 60 percent of the area’s median income.
Amenities include a lounge room, fitness center, coworking space, conference room, terrace with fire pit, bike storage and 133 parking spaces. Additionally, the property features 29,400 square feet of street-level retail with a new 23,200-square-foot Target store. The Concord at Sheridan also has a green component that includes high-efficiency water saving fixtures, energy-efficient light fixtures and low-VOC paints.
Multiple funding sources
Chicago’s housing authority provided $20.6 million in capital funds and the City of Chicago contributed with $2.2 million in HOME funds. Credit Capital provided $8.7 million in tax credit equity, while the Illinois Housing Development Authority provided a $5.8 million loan and $2.3 million from its Trust Fund. Citibank bridged a portion of these funds through $22 million of tax-exempt bonds issued by IHDA. The Burton Foundation granted $1.14 million in seller financing, while the development team deferred a portion of their fee, for an additional $1.3 million.