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.
“Seeing the first residents move in at 43 Green, while at the same time breaking ground on the second phase of this transformational project, are two huge milestones for the Bronzeville community,” said Habitat President Matt Fiascone. “As the first equitable transit-oriented development on the city’s South Side, 43 Green brings much-needed housing and retail to the area and establishes a benchmark for future public-private partnerships committed to re-shaping other similar neighborhoods in need through the city’s ETOD program.”
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.
“As a resident of the Bronzeville neighborhood, it brings me great pride to see the excitement on the faces of residents who now call 43 Green home,” said Phillip L. Beckham, principal of P3 Markets. “I’ve seen first-hand, the positive impact this development is already having on the neighborhood and the many health, economic and quality-of-life benefits associated with this project that will serve the community for years to come.”
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 policy, 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. In addition to reinforcing existing racial inequities, these projects contributed to displacement as wealthier neighborhoods became even less affordable, according to Chicago’s ETOD Policy Plan.
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.
“I chose to move to 43 Green because of my love for the Bronzeville community and the easy commute to my workplace in downtown Chicago,” said future resident Erin Gibson, who is moving to the property from nearby Englewood. “I'm most excited about being in the heart of local businesses, in a building that is new, in a safe neighborhood, and having amenities that fit my lifestyle perfectly. After touring 43 Green I knew this was the place I wanted to live and call home and I can't wait to create memories here.”
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.
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 early planning stages of redeveloping Marine Drive, a 616-unit mixed-income, mixed-use 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.