The Habitat Co. and P3 Markets, co-developers of 43 Green in Chicago’s historic Bronzeville neighborhood, have topped off a second apartment building at the development. The 10-story, 80-unit Phase 2 building, with 44 units designated as affordable, is located at 4309 S. Prairie Ave. in the South Side enclave.
It was topped off earlier this month and is ticketed for completion by late summer of 2024, after which first move-ins will begin.
The topping off takes place as the project’s Phase 1 at 4308 S. Prairie Ave., also 10 stories tall but offering 99 units, half affordable, has reached full lease up. First move-ins were welcomed in June.
“In compliance with the Low-Income Housing Tax Credit program, 50 percent of our building is reserved for individuals and families whose income falls at or below 60 percent of the Area Median Income,” Charlton P. Hamer, Habitat Affordable Group senior vice president, told Multi-Housing News.
“To meet this requirement, our lease-up process involves thorough income verification, which significantly extends processing times compared to market-rate units,” he continued. “The Habitat Co. is a company with more than 50 years of experience in managing both unrestricted and restricted housing units. Our dedicated team is well versed in both market-rate and affordable housing, allowing us to cater to a wide range of housing needs. We have developed a robust infrastructure that offers substantial compliance support to ensure our properties adhere to all relevant regulations and requirements.”
From vacancy to full occupancy
South Side Chicago’s first equitable transit-oriented development (ETOD), 43 Green has sprouted on a parcel of city-owned land that had long stood vacant. Its location on the northeast corner of East 43rd Street and Calumet Avenue is just north of Hadiya Pendleton Park.
Both 43 Green buildings are proximate to the 43rd Street Green Line Station of the Chicago Transit Authority (CTA). Downtown Chicago is less than 6 miles away.
Phase 1, the largest of the three planned buildings of 43 Green, features studio, one-, and two-bedroom layouts, 5,500 square feet of retail space and off-street parking. Common-area amenities include a community room with kitchen.
Phase 2 has a similar unit mix and like amenities but also has surface parking for 13 vehicles and 56 bicycle parking spots, along with 3,700 square feet of retail. The third residential phase, offering some 70 units, is scheduled to break ground in early 2025.
Construction of 43 Green is being led by a joint venture of minority-owned, full-service construction management and general contracting company Bowa Construction, along with McHugh Construction. Landon Bone Baker serves as the development’s architect.
