One of the pioneers of Class-A residential development in Chicago’s Fulton River District is ready to start building there again. The Habitat Co. closed on the acquisition of 344 North Canal St. and, in a joint venture with Diversified Real Estate Capital, this spring will break ground on a 343-unit residential tower on the site just northwest of the Loop.
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The price paid was $15.25M, according to Cook County property records.
Habitat helped transform what in the 1990s was still a gritty neighborhood of warehouses, industry and railroads into an upscale residential community. The company finished a collection of condominiums and townhomes called Kinzie Park in 2001, the 43-story Kingsbury Plaza in 2007 and the 43-story Hubbard Place in 2014. The company last year completed a two-year renovation of Hubbard Place.
“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,” Habitat President Matt Fiascone said in a statement. “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.”
The 33-story 344 North Canal St. was designed by Solomon Cordwell Buenz. The five-story Cassidy Tire building occupies the site and will be demolished starting in the spring.
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