The recession not only put a stop to high-profile downtown projects, but the effects of the financial deep freeze from the last decade echoed through the city’s neighborhoods. One of the projects that stalled during the recession was for a sizable chunk of property at 7070 N. Clark Street in Rogers Park, however a new plan for the site has been proposed. According to Alderman Joe Moore (49th), Ross Real Estate Services has entered into a contract for the property, which is contingent on a zoning change and low income housing tax credits. The developer is looking to build a four-story brick complex that will feature 54 residences, 20 parking spaces, and roughly 3,300-square-feet of ground-level retail space.
Unlike most other pricey TODs that have been proposed and built throughout Chicago’s neighborhoods over the last several years, this development will be composed entirely of affordable units. According to Alderman Moore’s office, 42 of the apartments will be reserved for residents whose income is below 60% of area median income while the remaining 11 units will be reserved for residents with incomes at or below 30% of the area median income. The complex’s brick and wood design comes from Worn Jerabek Wiltse Architects, P.C.
A public meeting to discuss the plan will take place this coming Thursday, October 27 at the Chicago Math and Science Academy (7212 N. Clark Street) starting at 7:00 p.m.