Ogden Commons Phase 2 secures financing

Chicago-based The Habitat Company announced that it has secured financing for Phase 2 at Ogden Commons, a $200 million mixed-use, mixed-income project. Located in North Lawndale, the project is bounded by W. Ogden Ave to the south, S. Fairfield Ave to the west and S. Rockwell St to the east. Developed by The Habitat Company, along with Sinai Health System, Alecko Capital, and the City of Chicago, Ogden Commons is the city’s largest opportunity zone project and was conceived to bring much-needed housing, retail and critical outpatient health services to Chicago’s historically underserved West Side.

With financing in place, construction has started on OC Living’s first phase, a 92-unit building that will consist of 90% affordable apartments with the remainder market-rate. Located at 1325 S. Washtenaw, the four-story rental building will offer a mix of 23 studios, 60 one-bedrooms and nine two-bedroom apartments. 

The building’s outdoor amenities will include an enclosed rubber-surfaced children’s tot lot with play structures, bike racks, a lighted on-site walking path, landscaped lawn and 110 parking stalls. Indoor amenities, located on the building’s first floor, include package and mail rooms, management and social services offices, a fitness center and bike room.

The new residential building will be just steps from Ogden Commons’ three-story commercial building that marked Phase 1 of the 10-acre development and was completed in 2021. The 30,000 square-foot commercial building includes a Wintrust Bank, Momentum Coffee and Sinai Health System’s One Lawndale Express Care Clinic.

“We are overjoyed by the positive feedback and impact Ogden Commons is already having on the North Lawndale community in the short amount of time since the opening of the commercial building and Sinai’s outpatient health facilities,” said Matt Fiascone, president of The Habitat Company. “With the first residential building breaking ground, we are now one step closer to fulfilling our vision of a multi-faceted, mixed-use community that combines essential healthcare, housing, retail and office space in one location, while creating new employment opportunities and boosting the local economy.”

The residential building is scheduled to be delivered by Spring 2024, with McHugh Construction and Bowa Construction serving as general contractors. Built over multiple phases, the entire project is scheduled to be complete by 2026.