Photo: Ald. Moore’s Office

A new mixed-income, mixed-use development that may include a Target store is being proposed by Three Corners Development just outside the Northern Border of Edgewater.

The land the development could be built on is currently owned by The Chicago Housing Authority (CHA). After authorization by The CHA Board of Directors, which is expected today, negotiations with Three Corners Development can start.

The proposed site, on the 6400 block of N. Sheridan Rd, currently contains a community room and parking lot for the Caroline Hedger Apartments, a 436-unit senior citizen CHA apartment building located next door.

Rogers Park Alderman Joe Moore said in a statement today, “The CHA Board’s action today is just the very beginning, not the end of the process for developing the site. The developer and Target are still negotiating over the final terms of the lease, and though it looks promising, the deal has not yet been inked.”

Alderman Moore has pledged his support for the project. He has also vowed to keep the community informed on the progress of the development plans.

The Alderman added, “The CHA and Three Corners also must negotiate over the terms of the redevelopment agreement, such as the height, appearance and precise tenant composition of the building: parking and traffic requirements: and whether Three Corners will purchase the property from the CHA or simply enter into a long-term lease.”

According to their website, Three Corners Development is a commercial real estate development company devoted to strategic, sustainable, long term investments throughout the midwest and beyond. The company is no stranger to the area. They have built other developments along Devon Ave. as well including the mixed-use development at 1240-44 W. Devon and the new Heartland Health Center at 1300 W. Devon.