The implementation of the 1st phase of the 43 Green Affordable Homes Development in Chicago has been completed. This was announced by the Habitat Company and P3 Markets, who co-developed the project in Bronzeville.
This phase is the largest of 43 Green’s three structures. It is located on a long-vacant, city-owned lot on the northeast corner of East 43rd Street and Calumet Avenue. This is just north of Hadiya Pendleton Park. The 10-story building has off-street parking. Additionally, 5,500 square feet of retail space, and 99 homes with a mix of studio, one-, and two-bedroom floor designs.
Amenities include fitness centres, rooftop terraces, business centres, and picnic areas. Additionally, community rooms with kitchens, laundry facilities, and bicycle storage are examples of common resident amenities.
The initial wave of residents moved into 43 Green earlier this month, the first equitable transit-oriented development (ETOD) on the South Side of Chicago. Long-term lease discussions for the retail tenants slated for 43 Green’s Phase 1 building are now underway.
Development of the send phase of the 43 Green Affordable Homes Development in Chicago
The 43 Green Affordable Homes Development in Chicago is being led by Chicago-based Habitat, a major U.S. multifamily developer and property manager. The company is collaborating with P3 Markets, a real estate development company based in Bronzeville that specializes in public-private partnerships. A joint venture between McHugh Construction and Bowa Construction, a minority-owned, full-service construction management and general contracting company, is in charge of overseeing the construction of 43 Green. Landon Bone Baker is the development’s architect.
The project team has already completed site and construction funding for the second phase which will cost $100 million. By the end of June, construction on the 80-unit residential structure will begin and be completed by late summer of 2024. The 80 apartments in this phase will have a total of 44 affordable homes.
A third residential phase with about 70 apartments is looking for funding so that construction may start in early 2025.
