Next stop, millennials: Bronzeville transit-friendly resi project targets young professionals
P3 Markets plans 91-unit mixed-use complex in a long-vacant property
A local developer wants to build a 91-unit apartment complex in Bronzeville at a long-vacant property, and is targeting millennials for the transit-friendly spot.
P3 Markets is planning a mixed-use project, known as 43 Green, which would include about 6,100 square feet of retail space, according to Crain’s. The development would rise at East 43rd Street and South Calumet Avenue, with construction to be completed by 2021.
P3 has teamed with Habitat’s affordable-housing management and community development. The transit-oriented building — next to the CTA Green Line’s 43rd Street stop — would be aimed at young professionals who don’t have cars, according to the report.
The project is expected to cost $27 million, with about $14 million in financing coming from low-income housing tax credits and funding from the city, Crain’s reported.
Chicago-based P3 Markets calls itself a minority-owned real estate development firm “that creates impactful public-private partnership opportunities across the country,” according to its website.
Rents for studio, one-bedroom and two-bedroom units are estimated to range from $925 to $1,750 a month, according to the report. [Crain’s] — Brianna Kelly