Fulton River District's newest luxury high-rise Cassidy on Canal welcomes first residents

Residents were welcomed last week into one of Chicago's newest luxury apartment building — once home to the five-story warehouse Cassidy Tire in Fulton River District — and the first top-of-the-line apartment tower to open in the area in over a decade.

Cassidy on Canal, a nod to its past life, saw its first tenants move into the 33-story tower on May 13. The 343-unit building is slightly over 11% leased, as of Friday.

Chicago-based developer Habitat has delivered a string of developments in Fulton River District. The real estate firm completed Kinzie Park in 2001, the Kingsbury Plaza apartment tower in 2007 and Hubbard Place in 2013. It also developed the East Bank Club — a sprawling health club that stretches more than two city blocks at 500 N. Kingsbury St. — in 1980.

But what sets Cassidy on Canal apart is its design and character, said Tom Black, senior vice president of property development at Habitat. The 375-foot tall glass tower was designed by architecture firm Solomon Cordwell Buenz and the building even reused some of the bricks from Cassidy Tire's building.

There's also ground floor retail space. Black said Habitat is speaking with possible tenants, and they hope to secure a cafe or similar business to occupy the vacant space.

The building has studio, one- and two-bedroom units with rents between $2,550 to $5,660 a month. The Penthouse Collection, which is nearing completion on the tower's top three floors, will have monthly rents of up to $10,810.

The rents are similar to those of Habitat’s other properties in Fulton River District. Studios at Hubbard Place start at $2,285 and those at Kingsbury Plaza start at $2,107.

Units at Cassidy on Canal have quartz countertops, graphite back splashes, stainless steel appliances and floor-to-ceiling windows offering views of the Chicago River and city's skyline.

Black said the four corner units on each floor have private balconies. Cassidy on Canal was oriented on an angle to maximize the number of units with premium views. He said the high-efficiency windows include an extra layer of sound protection to minimize noise from the nearby Ogilvie Transportation Center.

Residents that moved in are currently living up to the 18th floor. Habitat anticipates residents moving into floors 19 and above next month.

Kristin Hinton, leasing and marketing manager at Cassidy on Canal, said the views "are spectacular with the river."

“When you’re living in a downtown premium area and paying a premium price, you want to feel those premium finishes,” she said.

The most popular among potential tenants are the corner one-bedroom units, Hinton said. The wraparound windows are the seller.

The property also has a 10,000-square-foot deck offering a amenities such as an outdoor pool, fire pits and grilling areas. Inside, there's a coworking space, spa with a sauna and 24-7 fitness center as well as a game room with billiards, shuffleboard and more that can be reserved by residents.

“Because the building was designed during the pandemic, we were able to take advantage of that time to be very deliberate and forward-thinking in terms of amenities and floor plans,” Habitat President Matt Fiascone said in a news release. “We wanted to make sure Cassidy would not just meet, but exceed the expectations of renters whether they were working fully remote or in a hybrid schedule.”

Habitat will hold a grand opening for Cassidy on Canal on June 6. The developer will also unveil the outdoor plaza, near the building’s main entrance, which reused 200 bricks from the original property.

Habitat entered negotiations with Cassidy Tire in 2017, Black said. Property records show a limited liability company associated with Habitat purchased the property for $15.25 million in 2021.

The deal officially closed in February 2022, according to a news release, and was a joint venture with Diversified Real Estate Capital.