Chicago-based The Habitat Company 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 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.
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.
Upon completion, the building will feature a mix of studio, one- and two-bedroom units, an 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.
