A rendering of the $200-million mixed-use Ogden Commons project.

CHICAGO—Construction has commenced on the commercial component of Ogden Commons, a $200-million mixed-use multi-phased project that is the largest Opportunity Zone development in the city.

The project located in a federally-designated Qualified Opportunity Zone is a public-private partnership between Habitat, Sinai Health System, Cinespace Chicago Film Studios, the Chicago Housing Authority and the city of Chicago. Upon completion, the 10-acre development will offer 120,000 square feet of commercial and retail space and more than 350 mixed-income housing units.

The site is bordered by Ogden Avenue to the south, Fairfield Avenue to the west and Rockwell Street to the east. Ogden Commons will be located on land that once was occupied by the Chicago Housing Authority's former Ogden Courts and Lawndale public housing developments. Through a combination of debt and Opportunity Zone equity, PNC Bank funded $15 million of the $22-million development cost for phase one at Ogden Commons.