The Habitat Company Closes on 344 N. Canal St. in Chicago’s Fulton River District, Plans for 33-story Class A Rental Tower
Construction of 343-unit high-rise expected to begin this spring
Chicago-based The Habitat Company, a leading U.S. multifamily developer and property manager, today announced it has closed on the acquisition of 344 N. Canal St. in Chicago’s Fulton River District, where it will begin construction on a 33-story, 343-unit Class A rental tower later this year. Habitat has entered into a joint venture with Diversified Real Estate Capital, LLC to capitalize the development.
Designed by nationally-recognized architecture firm Solomon Cordwell Buenz, the new 375-foot glass tower will mark the latest luxury residential project for Habitat in the neighborhood. Habitat delivered Kinzie Park with condominiums and townhomes in 2001, followed by the 43-story Kingsbury Plaza apartment tower in 2007, and the 43-story, 450-unit Hubbard Place in 2014, which recently finished a two-year renovation of all common areas.
“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,” said Habitat President Matt Fiascone.
“When we opened Hubbard Place, it really raised the bar for Class A rental buildings in this neighborhood at the time in terms of amenities and finishes. And now, 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. We believe very strongly that what we have planned for 344 N. Canal will resonate with tomorrow’s renter in its dynamic design and amenities.”
Fiascone noted the site’s location should also appeal to numerous renters, given its proximity to several L, bus and Metra lines, plus its high walkability to the numerous business, restaurants, and entertainment options of the Loop, Fulton Market, and River North.
“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 Company was behind the building only made it that much more attractive for us to be part of the project,” said Jeff Cherner, Executive Vice President, Diversified Real Estate Capital, LLC.
“We’re very much looking forward to watching 344 N. Canal continue the energy of new development along the Chicago River and welcome a new generation of residents looking for a luxury rental option in the neighborhood.”
Upon completion, the building will feature a mix of studio, one-, and two-bedroom units; a robust amenity package of indoor and outdoor spaces; ground floor retail; and parking for 123 vehicles.
Located on the west side of Canal Street, between Kinzie and Fulton streets, the 344 N. Canal site is currently home to the Cassidy Tire building. Demolition of the five-story Cassidy Tire building is expected to commence this spring, followed by a groundbreaking for Habitat’s new building.
Habitat’s long-standing commitment to developments in this area extends beyond residential projects. In 1980, the firm completed East Bank Club, the city’s premier health club, which occupies more than two full city blocks at 500 N. Kingsbury St.
About The Habitat Company:
Founded in 1971, The Habitat Company is a full-service residential real estate company specializing in property management, acquisitions and development. 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 senior and affordable housing communities. Headquartered in Chicago, with more than 800 employees throughout the United States, Habitat is dedicated to improving the communities it serves through innovation and a commitment to excellence.