Phase 1 rental building at 43 Green reaches full lease-up, proves demand for ETODs on Chicago’s South Side
Habitat, co-developer of 43 Green along with P3 Markets, announces it has reached two major milestones this December on the $100 million, mixed-income, mixed-use project in Bronzeville, including full lease-up of the Phase 1 apartment building, located at 4308 S. Calumet Ave. The 10-story, 99-unit property, which consists of 50 affordable apartments reserved for households earning up to 60% of the Area Median Income (AMI), with the remainder leased at market rate, welcomed its first resident move-ins this past June.
Simultaneously, the adjacent 43 Green Phase 2 building, also 10 stories and located just west of the 43rd Street Green Line at 4309 S. Prairie Ave., has topped off this month. Comprised of 80 units, 44 of which will be designated as affordable, Phase 2 is targeted for completion by late summer 2024 with resident move-ins scheduled to begin soon after.
“Seeing the continued progress of 43 Green, with its first residential building at capacity and the Phase 2 property reaching top-off height, we are that much closer to fulfilling our vision of bringing much-needed housing and retail options to the Bronzeville community,” said Habitat President Matt Fiascone. “We have been pleased by the outpouring of positive feedback from our many new residents now calling 43 Green home, who are taking advantage of all the neighborhood has to offer, including easy access to the area’s many transportation options.”
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 planned buildings, and includes 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, business center, picnic area, community room with kitchen, two rooftop terraces, laundry facilities and bicycle storage. The Phase 2 property has a similar unit mix and amenities package and will include surface parking for 13 vehicles, 56 bicycle parking spots, two outdoor terraces, a fitness center, laundry facilities, and flex work-from-home spaces, as well as 3,700 square feet of retail.
“Speaking directly from the heart, getting this apartment has been the highlight of my year,” said London Purnell, who moved into 43 Green in November as a first-time apartment leaser. “Being so close to the city’s transportation, to get on the Green Line to travel to and from work and move around the city of Chicago, has been amazing. I can literally walk out of my building, and there is the train station. And when I come home, I’m already at my building and can come right in.”
The first equitable transit-oriented development (ETOD) on Chicago’s South Side, 43 Green is spearheaded by Chicago-based Habitat, a leading U.S. multifamily developer and property manager, in partnership with P3 Markets, a real estate development firm based in Bronzeville that is dedicated to public-private partnerships. A third residential phase, with approximately 70 units, is expected to break ground in early 2025.
Like many global cities, Chicago has a robust public transportation system, making it a leading market for pedestrian-oriented TODs that reduce reliance on vehicle ownership. Yet under earlier versions of the city’s ETOD Policy Plan, virtually no transit-adjacent development occurred on the South and West sides, with nearly 90% of projects that accessed TOD incentives between 2016 and 2019 constructed on the city’s North Side, Northwest Side, in downtown and around the West Loop.
To bridge this gap, the Chicago City Council passed the Connected Communities Ordinance in 2022 to create more connected and thriving communities around Chicago’s vast public transit options. As part of the ordinance, TOD incentives were extended more broadly and equitably across the city, including to a standard four-block radius from rail stations and two blocks from additional high-frequency and strategic bus corridors.
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.
43 Green is the first of many ETOD projects Habitat expects to see rise in cities with strong mass transit. Currently, Habitat is in the final planning stages to redevelop Marine Drive, a 616-unit affordable housing ETOD in Buffalo, N.Y., located along the city’s waterfront district and light-rail line.
For more information on 43 Green, visit live43green.com.
Founded in 1971, Habitat is a full-service residential real estate company specializing in property management, acquisitions and development. One of the largest residential property developers and managers in the United States, with over $3 billion in assets and more than 16,000 units under management across six states, the company’s portfolio spans a range of property types, from mid- and high-rise condominium, apartment and adaptive reuse developments to senior and affordable housing communities. Headquartered in Chicago, with more than 800 employees throughout the United States, Habitat is dedicated to improving the communities it serves through innovation and a commitment to excellence. For more information, visit www.habitat.com.
About P3 Markets:
A minority-owned real estate development firm, P3 Markets provides a comprehensive approach to real estate investments that inspire real, measurable change for low to moderate income communities. By connecting local entrepreneurs with promising real estate opportunities, P3’s public-private partnerships create shared, long-term wealth for both investors and communities alike. For more information, visit www.p3markets.com