Habitat, Diversified Break Ground on 33-Story Cassidy on Canal Apartment Tower in Chicago
CHICAGO — The Habitat Co. and joint venture partner Diversified Real Estate Capital LLC have broken ground on Cassidy on Canal, a 33-story luxury apartment tower in Chicago’s Fulton River District. Designed by Solomon Cordwell Buenz, the 375-foot glass tower will feature 343 units.
The project site at 350 N. Canal St. was formerly home to the Cassidy Tire building. The developers plan to integrate some of the property’s original bricks into the new development.
“To honor the location’s rich history, it was important to us to bring this neighborhood a new development that stands out through its forward-looking design and modern conveniences, yet also pays homage to the site’s legacy by keeping the Cassidy family name,” says Matt Fiascone, president of Habitat.
Cassidy on Canal will feature a variety of studio, one- and two-bedroom floor plans along with 1,313 square feet of ground-floor retail space and parking for 123 cars. The property’s fifth floor will feature amenities such as a fitness center, game room, coworking center, spa, pool, grilling areas and dining areas.
First move-ins are scheduled for spring 2024. McHugh Construction is the general contractor. Development costs were not disclosed.
Cassidy on Canal is one of several major developments that Habitat is currently building in Chicago’s neighborhoods. Other projects include 43 Green in Bronzeville, Ogden Commons in North Lawndale and LeClair Courts on the city’s South Side.
Chicago-based Habitat is a full-service residential real estate company specializing in property management, acquisitions and development. The firm maintains over $3 billion in assets and more than 22,000 units under management across six states.
Chicago-based Diversified offers equity capital and expertise for commercial real estate organizations. Funding is provided by high-net-worth individuals and family office investors.
— Kristin Hiller