CHICAGO—The Illinois Housing Development Authority has once again selected The Habitat Co. as its property manager for Lake Shore Plaza. The Chicago-based multifamily property developer and manager has acted as manager of the 567-unit community located at 445 E. Ohio St. since 2010, and was retained for another three-year term through IHDA's public proposal process.

"This is a particularly rewarding win for us as IDHA is required to go through the procurement process and obtain bids from competitors," says Matt Fiascone, president of Habitat. "There are no guarantees when it comes to retaining management contracts, however, we are reassured knowing that our team is out there doing the best they can and I'm proud to see that IHDA agrees."

The new agreement will help Habitat retain its leadership in the local affordable housing sector. Eighty percent of the 40-story building's units are market-rate and 20% are Section 8 affordable housing. The company manages other Chicago-area IHDA-financed communities, including Elm Street Plaza and Asbury Plaza, and is currently the largest property manager for the Chicago Housing Authority. The company's management portfolio comprises more than 23,000 units across the US, of which more than 8,500 are affordable or public housing.

"Our long history in the development and management of both affordable and market-rate housing, as well as our long-standing relationship with IHDA, allow us to truly understand the needs of both IHDA and Lake Shore Plaza residents better than other property management firms," says Sheila Byrne, Habitat's executive vice president of property management. "Because of our unique experience we can provide excellent service to our residents at all income levels."

As reported in GlobeSt.com, the company recently deepened its presence in Streeterville when Bentall Kennedy hired it as the property manager for McClurg Court Center, the 45-story twin towers located at 333 E. Ontario St. And under Fiascone's leadership, the company has also set a goal of expanding beyond the urban core. As a result, Bentall Kennedy also hired the company to manage its Coventry Glen apartments in suburban Round Lake.

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IHDA Picks Habitat for Streeterville Project

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