“Shops & Lofts” Will Create New Community Anchor
A $45.6 million mixed-use development featuring 96 rental units and a Wal-Mart Neighborhood Market will move forward in Bronzeville through financial measures approved by City Council today
Planned for the vacant, southwest corner of 47th Street and Cottage Grove Avenue, the three-acre “Shops & Lofts” project will include a new five-story building with 55,000 square feet of retail space, two new six-flats, a new nine-flat, and a rehabilitated three-flat. Ground level parking on site will include space for 66 vehicles.
“In providing key sources of financing, the City of Chicago can help ensure the neighborhood’s biggest needs are met: affordable housing and new retail development,” Mayor Rahm Emanuel said.
The development team of Skilken and TROY Enterprises will develop the retail space and The Community Builders Inc. will develop the residential component, which calls for 44 affordable, 28 public housing and 24 market-rate apartments.
City investment in the project will include nearly $13 million in Tax Increment Financing assistance.
For the residential component, the City will also provide a $550,000 HOME loan, a $7.8 million loan from the CHA, $663,000 in donations tax credit equity, $8.4 million in low-income housing tax credit equity and up to $20 million in tax-exempt bonds that will generate construction financing for the project.
The commercial component will include $3.3 million in New Markets Tax Credit equity.
The development is projected to create 144 temporary and 100 permanent jobs.
# # #