Chicago-based The Habitat Company says it it has closed on the acquisition of 344 N. Canal St. in the Fulton River District, where it will begin construction on a 33-story, 343-unit Class A rental tower this spring. Habitat has entered into a joint venture with Diversified Real Estate Capital, LLC to capitalize the development, the company said in a Feb. 14 statement.
The 375-ft. glass tower has been designed by Solomon Cordwell Buenz (SCB).
“We are excited to return to this area and contribute to its continued growth and momentum as one of the premier locations to live downtown – especially with a building of this caliber that is sure to usher in a new era of apartment living in a post-Covid world,” said Habitat President Matt Fiascone.
Upon completion, the building will feature a mix of studio, one- and two-bedroom units; a an amenity package of indoor and outdoor spaces; ground floor retail; and parking for 123 vehicles.
The site is currently home to the Cassidy Tire building on the west side of Canal Street, between Kinzie and Fulton streets. Demolition of the five-story structure is expected to commence this spring, followed by a groundbreaking for Habitat’s new building.