The Habitat Company, a 50-year-old full-service real estate company, announced recently that the firm was selected to oversee development planning for a new affordable housing project in South Haven, along with another one in Buffalo, NY. The project is in conjunction with The Habitat Affordable Group which currently has over 13,000 affordable units under management.
“Since 1971, Habitat has been a leader in multifamily development and property management – from market-rate rentals and condominiums to mixed-use and mixed-income projects – but we’re especially proud that our founding was in the affordable housing sector and that it continues to be part of our core operations,” said Matt Fiascone, president of Chicago-based The Habitat Company. “These new projects in Michigan and New York are especially meaningful to our team as they feel like a culmination of 50 years of dedicated service to affordable housing and are a reflection of both Habitat’s past and future in this asset class.”
For the South Haven development, Habitat will work with the city in creating a plan for downtown housing that will serve the area’s “missing middle,” a term that reflects the need for diverse, affordable housing choices in sustainable, walkable neighborhoods. More details on the project will be announced this spring. Habitat has also begun initial discussions with the Buffalo Municipal Housing Authority on reimagining the 650-unit Marine Drive Apartments into a mixed-income, mixed-use development that better connects to the city’s waterfront.
“We’ve been on a great journey leading up to these two projects – from the 20 years when Habitat was working exclusively with the Chicago Housing Authority (CHA) to our decision a few years ago to expand our services by developing traditional infill and urban affordable housing communities,” said Charlton Hamer, senior vice president, Habitat Affordable Group. “And, we certainly wouldn’t be here without current projects like Ogden Commons and 43 Green, which have paved the way in terms of how to successfully align ourselves with like-minded partners dedicated to infusing underserved neighborhoods with resources they desperately need.”
“We’ve been managing multifamily properties outside of Illinois for decades and have had great success with sizable ground-up affordable housing developments, so we were waiting for just the right projects in new markets where we could combine those capabilities and help bridge the gap between available and affordable housing,” said Fiascone. “We plan to hit the ground running in South Haven and Buffalo and look forward to assessing additional growth opportunities for our affordable housing division in more areas of the country.”
For more information about The Habitat Company, visit www.habitat.com.