New Mixed-Income, Transit-Oriented Development in Historic Bronzeville Community
An ordinance approved by City Council today will support the $100 million transitoriented, mixed-use development, 43 Green that will add new mixed-income residential units, new retail and commercial space to the historic Bronzeville, an INVEST South/West community area. The development will be built around the 43rd Street CTA Green Line station as part of a targeted economic development effort that leverages local investment in housing and commercial space with a larger scale commitment to enhancing the community. Leading the development is P3 Markets, a minority-owned real estate development firm that creates impactful public-private partnership opportunities across the country; and The Habitat Company, one of Chicago’s leading residential developers and property managers.
The ordinance authorizes the allocation of up to $3,000,000 in Multifamily loan funds, $5,000,000 in TIF funds (47th/King), allocation of up to $1,950,000 in Low Income Housing Tax Credits (LIHTC), allocation of $350,000 Illinois Affordable Housing Tax Credits, and the sale of four vacant lots located in the vicinity of East 43rd Street and South Calumet Avenue for the sum of $4.00. In addition to the soft funding provided by the City of Chicago, the development will receive up to $9,000,000 in private financing and a $1,500,000 grant from the Illinois Department of Commerce and Economic Opportunity.
Housing at 43 Green is designed to serve young professionals and working families in Bronzeville, with a mix of affordable and market-rate units. Building and unit amenities include exercise space, community room, dishwashers, laundry, and central air. Retail services will focus on convenience and dining. The office building will target businesses that are based on the South Side. The first phase will consist of a 99-unit pre-cast structure including studio, one, and two-bedroom apartments for market-rate residents and those earning 60% of area median income (AMI). Approximately 5,000 square feet of ground-floor retail space will allow for a local coffee shop, laundromat, and a recognized fast-food chain.
INVEST South/West is an unprecedented community improvement initiative under Mayor Lori E. Lightfoot to marshal the resources of multiple City departments, community organizations, and corporate and philanthropic partners toward 10 communities on Chicago's South and West Sides.
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