These Chicago developers would rather pay $4M than build affordable housing

A pair of developers have unveiled new plans for the octogenarian Sears building on Portage Park’s busy Six Corners intersection, and it doesn’t include much affordable housing.

Seritage Growth Properties and Tucker Development Corporation want to preserve the 81-year-old Art Deco building at 4730 West Irving Park Road, including its facade facing the intersection. They also plan to tear down a second building at 4035 North Cicero Avenue so they can replace it with a 10-story building, according to Block Club.

Between the two buildings, the development would have a total of 434 rental units, only 11 of which would be affordable. Instead of building 10 percent affordable on site, as required by the city’s Affordable Requirements Ordinance, the developers prefer to contribute $4 million to a fund used to build affordable housing elsewhere in Chicago.

The modified former Sears building would include 133 apartments, as well as 100,000 square feet of ground-floor retail divided between different businesses, including a health club. The new construction building, which will replace the old Sears Auto building, will include 288 apartments and 13 townhomes.

During a meeting Tuesday night, freshman Ald. James Gardiner said he was “excited” about the project, but he indicated that the plans could still use some tweaking, Block Club reported.

Previous plans announced last September included a movie theater, but it’s since been scrapped.

A few months ago, Gardiner rejected the latest plans for the Point at Six Corners project, a proposed 10-story senior housing complex, on a vacant site across the street from the old Sears building, where a large hole has existed for three years.

[Block Club] — Brianna Kelly