Habitat Secures Financing for OC Living – Phase 2 of $200M Mixed-Use Ogden Commons
Construction has started on first residential building of 10-acre development
Chicago-based The Habitat Company announced today it has secured financing for Phase 2 at Ogden Commons, a $200 million mixed-use, mixed-income project in Chicago’s North Lawndale neighborhood that upon completion will offer 120,000 square feet of commercial and retail space and over 350 mixed-income housing units, which will be known as OC Living. With financing in place, construction has started on OC Living’s first phase, a 92-unit building that will consist of 90% affordable apartments with the remainder market-rate.
Located at 1325 S. Washtenaw Ave., the four-story rental building will be just steps from Ogden Commons’ three-story commercial building that marked Phase 1 of the 10-acre development and was completed in 2021. The 30,000 square-foot commercial building includes a Wintrust Bank, Momentum Coffee, and Sinai Health System’s One Lawndale Express Care Clinic.
Developed by The Habitat Company, along with Sinai Health System, Alecko Capital, and the city of Chicago, Ogden Commons is the city’s largest opportunity zone project and was conceived to bring much-needed housing, retail, and critical outpatient health services to Chicago’s historically underserved West Side.
“We are overjoyed by the positive feedback and impact Ogden Commons is already having on the North Lawndale community in the short amount of time since the opening of the commercial building and Sinai’s outpatient health facilities,” said Matt Fiascone, president of The Habitat Company. “With the first residential building breaking ground, we are now one step closer to fulfilling our vision of a multi-faceted, mixed-use community that combines essential healthcare, housing, retail, and office space in one location, while creating new employment opportunities and boosting the local economy.”
Scheduled to deliver by Spring 2024,OC Living’s first building will offer a mix of 23 studios, 60 one-bedrooms, and nine two-bedroom apartments. The building’s outdoor amenities will include an enclosed rubber-surfaced children’s tot lot with play structures, bike racks, a lighted on-site walking path, landscaped lawn, and 110 parking stalls. Indoor amenities, located on the building’s first floor, include package and mail rooms, management and social services offices, a fitness center, and bike room.
“Phase 2 represents an exciting next chapter at Ogden Commons and for the neighborhood’s overall transformation,” said Charlton Hamer, senior vice president of Habitat Affordable Group. “A major goal of the project is to align with the North Lawndale community’s need for more safe and affordable housing options in the area and to provide new-construction apartments with modern amenities that local residents can be proud to call home for decades to come. We are thankful to our development partners who have helped us bring this important phase across the finish line.”
Ogden Commons is bordered by Ogden Avenue to the south, Fairfield Avenue to the west, and Rockwell Street to the east. Built over multiple phases, the entire project is scheduled to be complete by 2026 with James McHugh Construction Co. and Bowa Construction serving as general contractors for the development. Bank of America is among the other development partners.
“Ogden Commons is a terrific example of the impact mixed-use, mixed-income development can have in historically underserved communities,” said Todd A. Gomez, north region market executive for community development banking at Bank of America. “The critical combination of affordable housing, healthcare, and retail has already provided an important boost to North Lawndale’s ongoing revitalization. We are so pleased to work with The Habitat Company, IHDA, CHA, and our other public and private partners to help create much-needed housing options for residents in the community.”
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 five 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. For more information, visit www.habitat.com.
About Sinai Health System:
Located on the West and Southwest sides of Chicago, Sinai Health System is comprised of Mount Sinai Hospital, Holy Cross Hospital, Sinai Children’s Hospital, Schwab Rehabilitation Hospital, Sinai Medical Group, Sinai Community Institute and Sinai Urban Health Institute. Sinai Health System collectively delivers a full range of high-quality outpatient and inpatient services, as well as a large number of innovative community-based health, research, and social service programs. Sinai focuses its collective depth of expertise and passion to improve the health of the 1.5 million people who live in its diverse service area.