📋 Tender Overview
ScpoeHabitat Co. has secured financing and begun development of the first phase of Ogden Commons a 200 million mixed-use project in Chicagos North Lawndale neighborhood. The project is being developed in a public-private partnership between Habitat Sinai Health System Cinespace Chicago Film Studios the Chicago Housing Authority CHA and the city of Chicago.Upon completion the 10-acre development will be home to 120000 square feet of commercial and retail space as well as 350 mixed-income housing units. Located in a federally designated qualified Opportunity Zone the site is bordered by Ogden Avenue Fairfield Avenue and Rockwell Street. Ogden Commons will be located on land that once housed the CHAs former Ogden Courts and Lawndale public housing developments.Through a combination of debt and Opportunity Zone equipment PNC Bank funded 15 million of the 22 million development cost for Phase I which includes 50000 square feet of retail space housed in a three-story building. Signed tenants include Steak n Shake Ja Grill and Wintrust Bank. The rest of the building will be leased to Sinai and Cinespace. Construction of the residential component is expected to begin in 2021. Current plans for the first residential phase call for a 92-unit building and three six-flat buildings. The entire project is slated for completion by 2026
