CHICAGO, IL - Chicago-based The Habitat Company, a leading U.S. multifamily developer and property manager, along with joint venture partner Diversified Real Estate Capital, LLC, held a groundbreaking ceremony Monday, Oct. 3, for Cassidy on Canal, a 33-story, 343-unit Class A rental tower at 350 N. Canal St. in Chicago’s Fulton River District.
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 over 300 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.
“It is always with great anticipation that I look forward to this day when the shovels go into the ground and construction commences on a pioneering new development like Cassidy on Canal,” said Habitat Founder and Chairman Daniel Levin. “The Fulton River District, with its vibrancy, beauty and connectivity to so many arteries of the city, remains one of the premier locations to live downtown, and we are excited to build upon Habitat’s legacy in the neighborhood and contribute to its continued growth and prosperity with a high-quality rental tower that future residents will be proud to call home.”
Located on the west side of Canal Street, between Kinzie and Fulton streets, the 350 N. Canal site was formerly home to the Cassidy Tire building. Habitat plans to integrate some of the property’s original bricks into the build out of the new community.
“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,” said Habitat President Matt Fiascone. “With each subsequent development Habitat has delivered in this area, we’ve raised the bar for luxury apartment rentals in terms of amenities and finishes and Cassidy is no exception. The pandemic has changed what people want most in their homes and the community in which they live, and we’ve taken these desires to heart in maximizing the resident experience and all that downtown living has to offer.”
Fiascone noted the site’s location should also appeal to a wide range of 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.
“We’re dedicated to investing in vibrant urban locations nationally and partnering with the best local developers like The Habitat Company who have the vision and wealth of experience to bring neighborhood-changing projects to reality,” said Jeff Cherner, executive vice president, Diversified Real Estate Capital, LLC. “The Chicago River has been a focal point of several of our most recent office property developments and acquisitions and we’re excited to add a project the caliber of Cassidy on Canal that continues the positive momentum of new development in the area and fills a need for more Class A multifamily rental options in this prime city location.”
Upon completion, Cassidy on Canal will feature a mix of studio, one- and two-bedroom units, 1,313 square feet of ground floor retailparking for 123 vehicles, and an outdoor dog run just northwest of the building. A robust amenity package of indoor and outdoor spaces on the building’s fifth floor includes a fitness center, game room, various size club rooms, coworking center, spa with sauna, steam and whirlpool rooms, swimming pool with cabanas, a north and south sun deck, grilling areas, fire pits, cool weather heaters, and dining areas on each deck surrounded by richly landscaped grounds. First resident move-ins are anticipated for spring of 2024.
McHugh Construction is serving as general contractors for the development.
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.
Cassidy on Canal is one of several major developments Habitat is currently spearheading across Chicago. The firm’s other notable projects include mixed-use projects 43 Green in Bronzeville, Ogden Commons in North Lawndale and LeClair Courts on the city’s South Side near Midway International Airport.
For more information about Cassidy on Canal and other Habitat projects, visit habitat.com
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. For more information, visit www.habitat.com
About Diversified Real Estate Capital: Since 2003, Diversified Real Estate Capital, LLC has offered equity capital and expertise for commercial real estate organizations. Funding is provided by high-net-worth individuals and family office investors seeking to diversify their assets and earn the significant returns associated with high-quality real estate investments. The Company maintains in-depth relationships with both its investors and joint venture partners, believing that these relationships are a key competitive advantage in a volatile investment environment. Our highly experienced professionals identify prime opportunities and act quickly to creatively structure transactions. For more information, visit www.drecapital.com