Chicago-based The Habitat Company, a multifamily developer and property manager, says it has cleared a key hurdle in financing the first phase of 43 Green, a $35 million mixed-income, mixed-use transit-oriented development (TOD) in Chicago’s Grand Boulevard neighborhood.
Habitat will develop the project in partnership with Bronzeville-based P3 Markets, a real estate development firm dedicated to public-private partnerships. Having received approval from the city of Chicago for the Low Income Housing Tax Credits (LIHTC), Habitat and P3 will now focus on completing the design and financing to finalize the capital program for the project, the developer says in a statement.
Upon completion, the multi-phase project is expected to be comprised of three buildings centered around the 43rd Street Green Line stop. Each building is slated for mixed-income apartments as well as street-level retail.
The Phase 1 building at the northeast corner of East 43rd Street and Calumet Avenue will include 91 units, 7,500 sq. ft. of retail space and off-street parking. Apartments will range from studio to one- and two-bedrooms with half of the residences listed as market-rate and the other half offered as income-restricted affordable-rate units.
The first building will be the largest of the project’s three structures. It is expected to break ground in 2021 on a long-vacant city-owned lot just north of Hadiya Pendleton Park.
“Grand Boulevard is one of Chicago’s great historic neighborhoods and we’re confident that this transit-oriented community will appeal across multiple income levels,” said The Habitat Company president Matt Fiascone. “While most of the recent development in the community has focused on single-family lots or multifamily projects concentrated north of this area, we are all optimistic that 43 Green will serve to drive new investment in the neighborhood and lead to long-term economic growth.”
Later phases for call for additional mixed-income buildings along with street-level retail and more commercial development. The development will continue to focus on establishing a retail and residential hub on 43rd Street adjacent to the Green Line station, and will work to leverage Opportunity Zone investment at sites within the program boundaries on the north side of 43rd Street.
