Habitat Co., P3 Markets Open Phase I of 43 Green Mixed-Income Apartment Project in Chicago

by Kristin Harlow

CHICAGO — The Habitat Co. and P3 Markets have opened Phase I of 43 Green in Chicago’s Bronzeville neighborhood. The 99-unit, mixed-income apartment building is located at 4308 S. Calumet Ave. The project marks the first equitable transit-oriented development (ETOD) on Chicago’s South Side, according to the developers. Since 2013, the City of Chicago has been encouraging transit-oriented development near Chicago Transit Authority and Metra rail stations. In 2020, the city published its ETOD Policy Plan, which aims to drive investment near transit in disinvested communities, preventing displacement in communities facing rising housing costs and promoting affordable housing options near transit in low-affordability communities.

Phase I is the largest of three planned buildings within the $100 million 43 Green development. The 10-story building features 5,500 square feet of retail space and amenities such as a fitness center, rooftop terrace, business center, picnic area, community room, laundry facilities and bicycle storage. Half of the units are reserved for households earning up to 60 percent of the area median income, with the remainder leased at market rate.

Habitat has also secured construction financing for Phase II, and is expected to break ground on that 80-unit building by the end of June. Completion is slated for late summer 2024. Of the 80 units, 44 will be designated as affordable. Funding for Phase II comes from a HUD 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.

A third phase of 43 Green comprising 70 units is planned for an early 2025 groundbreaking, pending construction financing.

A joint venture between Bowa Construction and McHugh Construction is constructing 43 Green. Landon Bone Baker is the architect.

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