CHICAGO — The Habitat Co. and P3 Markets have opened 43 Green, a $100 million mixed-income apartment community in Chicago’s Bronzeville neighborhood. The transit-oriented development will be located on long-vacant City-owned land at the northeast corner of East 43rd Street and Calumet Avenue.
Phase I will consist of a 10-story building with 99 units and 5,500 square feet of retail space. Half of the residences will be at market price while the other half will be limited to renters earning up to 60% of the area’s median income. Completion of Phase I is scheduled for February 2023. Subsequent phases of 43 Green call for two more mixed-income buildings. In total, 43 Green will bring approximately 300 new units to the region.
Bowa Construction and McHugh Construction are leading the construction. Future commercial tenants include Momentum Coffee and Super Cycle. Financing 43 Green involved a tiered stack of capital, including using the City of Chicago’s low-income housing tax credit allocation, tax credit investor Richman Capital and HUD-insured debt provided by 5/3 Bank.