The Chicago Housing Authority (CHA) Board of Directors is expected today to authorize the agency to enter into negotiations with a developer, who proposes to build a mixed-income, mixed-use development on the 6400 block of North Sheridan Road that would include a Target department store.
The proposed development site is located directly north of and adjacent to the Caroline Hedger Apartments, a 22-story, 436-unit senior citizen apartment building on the northwest corner of Sheridan and Devon. A community room and parking lot for the Caroline Hedger Apartments currently rest on the property, which is owned by the CHA. (See photos of the proposed development site on the right and below.)
The developer, Three Corners Development, was founded and is owned by Robert Ferrino, who is also the owner and founder of Madison Construction, the general contractor for Caroline Hedger renovation project. Three Corners recently completed a mixed-use development at 1240-44 W. Devon and two similar mixed-use developments on the south side of Devon in the 48th Ward. They also developed the $1.4 million Heartland Health Center at 1300 W. Devon.
The CHA Board’s action today is just the very beginning, not the end of the process for developing the site. The developer and Target are still negotiating over the final terms of the lease, and though it looks promising, the deal has not yet been inked.
The CHA and Three Corners also must negotiate over the terms of the redevelopment agreement, such as the height, appearance and precise tenant composition of the building: parking and traffic requirements: and whether Three Corners will purchase the property from the CHA or simply enter into a long-term lease.
I pledge I will involve the community in every step of the process and present to you for your input the development plans as they are being formulated.