Socially Responsible Development
Last week The Habitat Co CEO Mark Segal received the Human Rights Medallion from the American Jewish Committee, recognition of his lifelong commitment to social justice. Mark tells us it's just how his charitably minded mom Diane raised him (we snapped them at the ceremony), to make the world a better place and make a difference in other people's lives. The concept's called tikkun olam in Judaism, he adds, which means "repairing the world." It connects to Habitat chairman Dan Levin's founding principle: No development is only an investment in real estate. It's an investment in the future of the people who will live and work in the community.
The countless groups Mark helps lead or support include Chicago Sinai Congregation, the Chicagoland Chamber of Commerce, and the Anti-Defamation League. He's bullish on the Chicago multifamily market going into 2014, especially with all the action (both job creation and new development) happening downtown. Habitat's 450-unit Hubbard Place opened in October in River North (south-facing view above) and is already 31% leased, with average rents ranging from $1,783/month for a studio to $3,200/month for a two-bedroom. Mark and his three kids will be taking it easy over the holidays—they're still recovering from climbing Mt. Kilimanjaro together last year.