Jaffe Companies would get $13 million in city incentives for a new North Side shopping center under a plan being pitched by Mayor Rahm Emanuel.
The $58 million Edens Collection project would bring three retail buildings totaling 144,000 square feet to the 4600 block of West Foster Avenue in the city’s North Mayfair neighborhood. Jaffe is seeking $13 million in tax-increment financing for the project.
In a so-called TIF district, property taxes from increased property values go into a fund to pay for improvements within the district.
On Wednesday, the mayor introduced a measure in the City Council to give the incentive to Chicago-based Jaffe. The money would help pay for site acquisition, environmental remediation and other costs.
Initial tenants would include national apparel and general-purpose retailers, a health club, restaurants and medical offices, according to the mayor’s office.
The Council this winter created the Foster/Edens TIF District, which includes the proposed shopping center site. The nine-acre site was previously home to the Sunstar Americas dental products factory and has been vacant since 2016.
As part of the deal with the city, Jaffe would provide $2 million for improvements to nearby Gompers Park.
A Jaffe official did not immediately respond to a request for comment.Recommend0 recommendationsPublished in