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.
"This is a great moment for the North Lawndale community, which hasn't seen new development and investment for too long," says Matt Fiascone, president of The Habitat Company. "It's our mission to build impactful developments, and Ogden Commons will create a positive ripple effect in the neighborhood for years to come. Not only will it bring the first new outpatient facilities to the area in more than 20 years, but the project will also add new restaurants, a bank, office space and much-needed affordable housing—all while creating jobs and building the local economy."
Ogden Commons will be developed in multiple phases, the first of which will comprise 50,000 square feet of commercial and retail space housed in a three-story building. Ground-floor space will be occupied by retail tenants, including Steak n' Shake, Ja' Grill and Wintrust Bank. The rest of the building will be leased to Sinai Health System and Cinespace Chicago Film Studios. The commercial development will be followed by the first phase of the mixed-income housing.
Sinai Health System has had a presence in North Lawndale for nearly 100 years with its Mount Sinai Hospital, along with the Schwab Rehabilitation Hospital and Sinai Community Institute, all located along Ogden Avenue. With its new space at Ogden Commons, Sinai will be able to offer more outpatient services, while adding capacity and efficiency to its dialysis therapy programs located close to its other medical buildings.
Cinespace Chicago Film Studios is the second-largest studio in the US and occupies 1.45 million square feet of what used to be the Ryerson Steel Company along Ogden Avenue. Its new office space at Ogden Commons will be dedicated to its two non-profit affiliates: Cinecares, which offers a job-training program in film production for disadvantaged youth; and Stage 18, a film industry incubator designed to expand Chicago's talent pool in movie and TV production.
The residential component of Ogden Commons will be developed in multiple phases, with an anticipated start in 2021. Current plans for the first residential phase call for a 92-unit multifamily building and three six-flat buildings. The entire Ogden Commons project is expected to be complete by 2026.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
