Habitat, Cabrera Capital Land $27M for Affordable Redevelopment

The Chicago Housing Authority has approved a $27 million capital loan for the first phase of the LeClaire Courts redevelopment, an $350 million initiative led by The Habitat Company and Cabrera Capital Partners, Crain’s reported.

The 32-acre site near Midway Airport was previously home to the LeClaire Courts public housing community, which was built in the 1950s and demolished in 2011. The redevelopment is to include 700 residential units and 440,000 square feet of commercial space.

“… this loan approval solidifies a critical piece of the capital stack, enabling other agencies, lenders, and investors to move forward knowing the CHA is fully committed to this project,” said Matt Fiascone, president of Habitat.

The first phase of the project will start construction next spring and will feature two six-story mixed-use buildings along Cicero Avenue between 44th and 45th streets. The first phase will deliver 183 apartment units ranging from studios to three-bedrooms. At least 160 of those will be designated as affordable housing.

Phase one doesn’t stop at apartments; the development will also include a 14,000-square-foot early childhood center and 2,200 square feet of retail space.

Future phases will expand the range of housing options with smaller apartment buildings, townhouse-style rentals, and a senior living facility. The redevelopment will also include infrastructure improvements, such as streets, sidewalks and utilities to support the growing community.

While some procedural steps remain, including final approval from the Illinois Housing Development Authority and a City Council vote on tax-increment financing, the project is on track to proceed.

In addition to the LeClaire Courts redevelopment, Habitat is also spearheading several other major mixed-use projects, including the 43 Green in Bronzeville and Ogden Commons in Chicago’s North Lawndale neighborhood.

— Andrew Terrell