December 3, 2019 Comments (0) Views: 387 Chicago News, Top Chicago

Habitat Plans Apartment Tower in Fulton River District

Habitat plans to unveil its proposal for a 33-story apartment tower in the Fulton River District at a Dec. 9 meeting hosted by Ald. Brendan Reilly, Crain’s Chicago Business reported. The developer wants to build the 343-unit high-rise at 344 N. Canal St., on the current site of Cassidy Tire & Service.

Crain’s reported that the plan is moving ahead amid a strong but slowing downtown apartment market. Rent growth has ebbed, although worries about a glut have subsided as developers have cut back on construction, according to Crain’s.

Habitat is betting that strong job growth in the neighborhood will spur demand for its apartments, Crain’s reported. Its proposed building isn’t far from the fast-growing Fulton Market District, and is also near Wolf Point, where Salesforce will anchor an office tower planned by a venture of Hines and the Kennedy family.

Photo: Rendering courtesy of Ald. Brendan Reilly

Read more at Crain’s Chicago

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