The Habitat Company, co-developer of 43 Green in Bronzeville along with P3 Markets, has announced completion of the 99-unit Phase 1 residential building located at 4308 S. Calumet Ave. The first equitable transit-oriented development (ETOD) on Chicago’s South Side, 43 Green welcomed its initial wave of resident move-ins earlier this month. In addition, the firm has closed on the land and construction financing for Phase 2 of the $100 million, mixed-income, mixed-use project, and is expected to break ground on the 80-unit residential building, located just west of the 43rd Street Green Line L station, by the end of June.
Located on a long-vacant, city-owned lot on the northeast corner of East 43rd Street and Calumet Avenue, just north of Hadiya Pendleton Park, the Phase 1 building is the largest of 43 Green’s three buildings. The 10-story development is home to 99 residences in a mix of studio, one- and two-bedroom floor plans, as well as 5,500 square feet of retail space and off-street parking. Common resident amenities include a fitness center, rooftop terrace, business center, picnic area, community room with kitchen, laundry facilities and bicycle storage. Half of the apartments are reserved for households earning up to 60% of the Area Median Income (AMI), with the remainder leased at market rate.
Chicago-based Habitat, a leading U.S. multifamily developer and property manager, is spearheading the project in partnership with P3 Markets, a real estate development firm based in Bronzeville that is dedicated to public-private partnerships.
Retail tenants earmarked for 43 Green’s Phase 1 building are currently in the process of long-term lease negotiations. The Phase 2 building is targeted to be complete by late summer of 2024 with resident move-ins scheduled to begin at that time. Forty-four of the 80 units in Phase 2 will be designated as affordable. A third residential phase, with approximately 70 units, is seeking funds in order to break ground in early 2025.
Construction of 43 Green is being led by a joint venture of Bowa Construction, a minority-owned, full-service construction management and general contracting company, and McHugh Construction, with Landon Bone Baker as architect for the development.
Phase 2 of 43 Green is financed with a HUD-insured Section 221(d)(4) first mortgage originated by Bellwether Enterprise Real Estate Capital; Low Income Housing Tax Credits allocated by the City of Chicago and acquired by Fifth Third Bank through fund manager Stratford Capital Group; Chicago Department of Housing gap funding via a TIF grant and HOME loan; and a construction loan from Fifth Third Bank of Chicago.
