In February 2013, CDF provided $11.75 million in New Markets Tax Credit financing to Mahogany Shops 47, LLC to support acquisition, site preparation and construction associated with 55,000 square feet of leasable retail space and associated surface parking. The CDF-financed commercial component—which is part of a larger mixed-use, mixed income project—is anchored by a 41,000 square foot Walmart Neighborhood Market grocery store and full-service pharmacy. The Walmart employs approximately 80 full-time-equivalent staff and is the fifth Neighborhood Market in the City of Chicago.
The developer entity is a partnership between Columbus-based Skilken and Chicago-based TROY Enterprises that focuses on urban retail development in underserved markets. Skilken is a developer of shopping centers throughout the Midwest and has a history of developing for national retailers. TROY has a history of community development through partnerships between business, government, and faith-based organizations. The Community Builders, Inc. developed the mixed-income residential component of Shops and Lofts at 47, which includes 96 units of mixed-income housing.
Shops and Lofts held a grand opening in October 2014.