DEVELOPER INFO:
Lead Developer: Iceberg Development has developed and currently owns more than 3,000 units of affordable housing throughout the Midwest. Jim Bergman, Iceberg’s principal, has developed more than 35 LIHTC projects since 1991, including:
Other family projects include 90 units in Waukee, IA, 72 units in Keokuk, IA, 50 units in Knoxville, IA and 68 units in East Dundee, IL. Mr. Bergman has also recently developed independent elderly projects in Fox Lake, IL, Waukee, IA, Bettendorf, IA, East Moline, IL, and in East Dundee, IL. Mr. Bergman’s Section 42 portfolio is comprised of more than 3,000 units, developed between 1991 and present.
Co-Developers: A Chicago-based developer founded in 2004, Three Corners Development is a commercial real estate development company devoted to strategic, sustainable, long-term investments throughout the Midwest and beyond. Its approach begins with context-appropriate strategies for responsible, sustainable development. Projects it initiates promote community by boosting tax revenue, creating jobs and attracting economic activity. Three Corners is the lead developer of the retail portion of this transaction.
Lightengale Group and Cubit Development Group rounded out the development team for this development.
PROJECT INFO:
The Concord at Sheridan is an innovative mixed-income, mixed-use urban infill development located steps away from Loyola University Chicago’s Lakeshore Campus in the vibrant Rogers Park community. Three Corners Development, Iceberg, LGG, and Cubit Development acquired an underutilized parking lot adjacent to a Chicago Housing Authority’s Caroline Hedger Senior Apartments and in its place constructed a nearly 200,000 SF building that brings a variety of new, much needed amenities to the neighborhood including nearly 30,000 SF of ground floor retail space anchored by a flexible-format Target store and 111 units of mixed-income in a high amenity apartment development. Of the 111 units, the 65 affordable units are subsidized through the RAD program. While the Concord at Sheridan makes use of the City of Chicago’s transit-oriented development ordinance, it also provides the adjacent CHA property with replacement parking and a new 5,000 SF community center, complete with a rooftop deck.
Project Funding Sources:
Lightengale’s Role:
