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City Proposes $13M in Assistance for Shopping Center Build
Developer Michael Jaffe’s plan to develop a 143,800-square-foot shopping center on vacant land in Albany Park would receive $13 million in Tax Increment Financing assistance proposed by the Emanuel administration. The Jaffe Companies’ $58-million Edens Collection complex would include three multi-tenant retail and commercial buildings on the 4600 block of West Foster Avenue.
The nine-acre site previously housed a Sunstar Americas dental product factory, and has been vacant since 2016. Jaffe said in a public meeting introducing the project last September that it would create about 400 jobs, a number comparable to the former industrial site’s employment.
The Foster/Edens TIF district was established by City Council this past winter to support the site’s redevelopment with job generating uses, along with improvements to adjacent land. As part of the redevelopment terms, Jaffe would provide $2 million for improvements to nearby Gompers Park.
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