CHICAGO — The Habitat Co., a Chicago-based multifamily developer and operator, plans to build a 33-story apartment high-rise in its hometown. The firm closed on the site acquisition at 344 N. Canal St. in Chicago’s Fulton River District that is currently home to the five-story Cassidy Tire brick building.
Designed by Solomon Cordwell Buenz, the new tower will rise 375 feet and feature a glass façade. Habitat’s joint venture partner on the project is Diversified Real Estate Capital LLC, a private equity investment firm based in Chicago. The land seller was not disclosed.
“As we know from experience, there will always be a demand for Class A rentals in prime city locations like 344 N. Canal, so the fact that a highly experienced and successful developer like The Habitat Co. was behind the building only made it that much more attractive for us to be part of the project,” says Jeff Cherner, executive vice president of Diversified Real Estate Capital.
Habitat Co. will begin demolition and break ground on the 343-unit property this spring, though a target delivery date was not disclosed. Upon completion, the unnamed community will feature a mix of studio, one- and two-bedroom units, as well as an amenity package of indoor and outdoor spaces, ground floor retail space and parking for 123 vehicles.
The community will be situated on the west side of Canal Street between Kinzie and Fulton streets near the north branch of the Chicago River and the Kinzie Street Bridge. Residents will have several transit options, including L, bus and Metra lines. They will also be within walking distance of the Loop, Fulton Market and River North.
Habitat Co. has delivered several high-rise developments in the Fulton River District over the years, including Kinzie Park (2001), Kingsbury Plaza (2007) and Hubbard Place (2014).
“We are excited to return to this area and contribute to its continued growth and momentum as one of the premier locations to live downtown — especially with a building of this caliber that is sure to usher in a new era of apartment living in a post-COVID world,” says Matt Fiascone, president of Habitat. “Due to the pandemic and the demands people have placed on their homes, there is once again a need for a game-changing building that will elevate the experience and ease of living in a downtown rental.”
Founded in 1971, Habitat Co. is one of the largest residential property developers and managers in the United States, with over $3 billion in assets and more than 22,000 units under management across six states. The company’s portfolio spans a range of property types, from mid- and high-rise condominium, apartment and adaptive reuse developments to seniors and affordable housing communities. The firm has more than 800 employees throughout the United States.
— John Nelson