A 143,800-square-foot shopping center will be developed on vacant land in Albany Park through $13 million in Tax Increment Financing assistance approved today by City Council.
The $58 million “Edens Collection” complex will include three, multi-tenant retail and commercial buildings on 4600 block of West Foster Avenue. The facility will be LEED-certified and include a green roof, permeable surfaces, and an underground stormwater retention system.
Initial tenants will include national apparel and general-purpose retailers, a health club, and other commercial users including restaurants and medical offices. Parking will accommodate more than 500 vehicles.
The TIF assistance will be provided to the developer, The Jaffe Companies, to help pay for site acquisition, environmental remediation and other eligible project costs. The TIF funding will be generated by new property taxes generated by the nine-acre project site after construction is completed.
The Foster/Edens TIF district was established by City Council this winter to support the site’s redevelopment with job generating uses, along with improvements to adjacent land. The site was previoulsy used for industrial purposes and has been vacant since 2016.
The shopping center is expected to create 300 permanent and up to 350 construction jobs.The TIF assistance will be provided following project completion and the fulfillment of all TIF obligations, including ongoing occupancy requirements.
As part of the redevelopment terms, the developer will provide $2 million for improvements to nearby Gompers Park at 4222 W. Foster Ave.
# # #