PORTAGE PARK — The owner of the former Sears location at Six Corners is in the process of selling the site, potentially putting a $200 million development plan in limbo.
Seritage Growth Properties, the current owner of the former Sears at Irving Park Road and Cicero Avenue, is in the process of selling the site and a former Sears at Harlem and North Avenue to Novak Construction, Ald. Jim Gardiner (45th) said in an email to residents Thursday night.
Gardiner did not respond to calls Thursday evening and did not say in his email what effect, if any, the sale would have on a proposal to convert the vacant store into a $10 million, 400-unit apartment complex.
“Although an agreement has yet to be finalized, we are led to believe a contract shall be signed in the coming days,” Gardiner said.
Novak Construction is a Chicago-based, family-owned general contractor that specializes in large commercial projects. The contractor did not immediately return calls Friday morning.
The plan spearheaded by Seritage, which Gardiner said would move forward in January, called for apartments to be built between the converted Sears building and a new seven story complex on an adjacent lot that housed a Sears Auto store. There would also be 13 townhomes along Belle Plaine Avenue to the north of the lot.
The 81-year-old Art Deco Sears building would be saved and modified to include 100,000 square feet of retail on the ground floor. That space would be divided by different businesses, the largest of which will be a full service health club.
One point of contention for the plan was that only 3 percent of the 434 units would be set aside for affordable housing — less than the 10 percent required by the city’s Affordable Requirements Ordinance. In order to comply, Seritage and its developer Tucker Development Corp. agreed to pay $3.5 million to the housing fund.
Now, with Novak set to purchase the property, it is unknown whether the plan that was announced in January will continue or if Gardiner and the new owner will have to start from scratch.
This is a developing story. Check back for updates.
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