Chicago-based Habitat, a leading U.S. multifamily developer and property manager, together with Cabrera Capital Partners today announced the approval of a $27 million capital loan from the Chicago Housing Authority (CHA) for the first phase of residential redevelopment of LeClaire Courts on the city’s Southwest Side.
The 32-acre site – bounded by Cicero Avenue to the east, 45th Street to the south, Lavergne Avenue to the west, and the Stevenson Expressway to the north – was previously home to the LeClaire Courts public housing community, which was completed in the 1950s and demolished in 2011.
“The LeClaire Courts redevelopment has transformative potential, and 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 Habitat President Matt Fiascone. “Together, we have a shared vision of transforming this vital artery of the city into a community that local residents are excited to once again call home, catalyzing future investment through an influx of high-quality jobs, much-needed housing, essential health care and child care services, and diverse retail and recreational offerings.”
The first phase of the redevelopment consists of two six-story mixed-use buildings located on the west side of Cicero Avenue between 44th and 45th streets. Collectively, they will offer 183 apartments in a mix of studio, one-, two- and three-bedroom floor plans, as well as a 14,000-square-foot early childhood center and 2,200 square feet of additional first floor retail space across the two structures. Ninety percent of the homes will be designated as affordable through income and rent restrictions accompanying the development’s various sources of public financial support, including the CHA, the Chicago Department of Housing and the Illinois Housing Development Authority, with the remainder available as market-rate apartments.
Residents in Phase I will have access to on-site amenities including a fitness center in each building, multiple lounges, community rooms, resident services meeting space, laundry facilities, package rooms and bicycle storage. A rooftop apiary on the north building will enhance urban biodiversity, foster environmental sustainability, provide fresh honey for residents and offer educational opportunities for families. Additional exterior features will include community-centered murals on both the north and south buildings, surface parking, two playgrounds, a landscaped gathering area between the structures with a greenway running through it, and accessible walking paths that will eventually connect to an on-site grocer, healthcare facilities and other retail offerings.
Several procedural steps remain prior to LeClaire Courts’ groundbreaking, planned for spring 2025, including final financing approval by the Illinois Housing Development Authority’s Board of Directors, anticipated for this November. Also recently authorized was $5.5 million in TIF funding by the city’s TIF Investment Committee to support the redevelopment. Next steps on final TIF approval and other financing include a full City Council vote, expected later this year.
“The LeClaire Courts redevelopment embodies our vision of creating a vibrant, inclusive community that addresses the needs of the Southwest Side,” said Martin Cabrera, founder and CEO of Cabrera Capital. “This project goes beyond housing to include vital amenities, services and opportunities that will enrich the lives of residents and stimulate economic growth.”
Subsequent residential phases call for a series of smaller, three-story elevator buildings, whose larger apartments will be geared toward families with children, as well as lower-density townhouse-style rental and for-sale units along the south and west perimeters of the site. In addition, future plans envision an age-restricted building for seniors to be located along 44th Street, providing older adults with easy walking access to both healthcare and groceries in the immediate area, and connectivity to intergenerational activities with children and families within the development.
Infrastructure improvements to roadways and utilities have commenced in recent months to prepare the location for redevelopment. Enhancements include street realignment to the city grid; new curbs, gutters, sidewalks and driveways; installation of ADA-accessible ramps; resurfacing of existing streets; sewer upgrades and replacements; water main capacity expansion; new lighting systems; traffic signal modernization and new signalized intersections; and the integration of new utility lines.
Construction of the LeClaire Courts residential phase is being led by The George Sollitt Construction Company, with Solomon Cordwell Buenz serving as architect.
In addition to LeClaire Courts, Habitat is working on the delivery of several other mixed-income and fully affordable mixed-use communities across the country, including 43 Green in Chicago’s Bronzeville neighborhood, set to open its second residential building later this year; Ogden Commons in Chicago’s North Lawndale community, which opened its first OC Living residential property this summer; and Marine Drive Apartments in Buffalo, N.Y., a multi-building, 700-unit redevelopment along the city’s waterfront district.
Founded in 1971, Habitat is a full-service residential real estate company specializing in property management, acquisitions and development. One of the largest residential property developers and managers in the United States, with over $3 billion in assets and more than 16,000 units under management across three states, the company’s portfolio spans a range of property types, from mid- and high-rise condominium, apartment and adaptive reuse developments to senior and affordable housing communities. Headquartered in Chicago, with more than 800 employees throughout the United States, Habitat is dedicated to improving the communities it serves through innovation and a commitment to excellence.
Cabrera Capital Partners (CCP) is a national real estate firm that provides development, investment and advisory services to clients in the public, private, institutional and non-profit sectors. CCP aims to bring transformative real estate projects to communities that reflect their distinct character and address local needs. Through strategic joint ventures, CCP partners with third-party developers and governmental agencies to expedite dynamic, new real estate projects.
