Tomorrow will mark six years to the day since we first wrote about The Shops and Lofts at 47. A spring 2008 groundbreaking was anticipated for the construction of 170 residential units above 50,000 square feet of ground-level retail at 47th and Cottage Grove.
The long-delayed groundbreaking on the 3-acre site at the border of the Hyde Park / Kenwood neighborhood took place two weeks ago. In its current configuration, according to a City of Chicago news release:
The project includes a new five-story, 72-unit building with 55,000 square feet of retail space; two new six-flats; a new nine-flat; and a rehabilitated three-flat; along with parking for residents and visitors. A Wal-Mart [sic] Neighborhood Market will occupy most of the retail space …
City investment in the 47th Street project alone includes nearly $13 million in Tax Increment Financing (TIF) assistance for site preparation costs. Assistance for the residential component includes 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. Assistance for the commercial component includes $3.3 million in New Markets Tax Credit equity.
You can see renderings of the project at the link to the news release.
Will the new Walmart result in any store closings along 47th Street?