A new development may soon bring housing and retail to Chicago’s South Side.
The $100 million project, dubbed 43 Green, will yield 99 residential units and more than 5,000 square feet of retail space, the Chicago Business Journal reported. Fifty of the units will be marketed as affordable housing.
The Habitat Co. and P3 Markets are developing the project on an empty corner at the intersection of Calumet Avenue and 43rd Street. The project received $5 million in Tax Increment Financing and low-income tax credits from the city.
“Phase one will include 5,200 square feet for retail space and will bring new construction housing to a Chicago neighborhood booming with economic development,” P3 Markets’ Phillip Beckham told the Business Journal. “As a longtime resident of Bronzeville, this project is more than just another development. It is personal for me.”
The first phase of development for the 10-story building is estimated to be completed by February 2023, with three more phases to follow.
“Each phase will have housing and retail,” Jeff Head of the Affordable Housing Group for The Habitat Co. told the Business Journal. “A project like this deserves to be in a community like Bronzeville.”
Further south, a 12-acre site at 11444 South Halsted Street is being developed into a mixed-use complex. The Morgan Park Commons will include 250 rental units, 140 single-family homes and up to 20,000 square feet of ground retail space.
To the north, two buildings, designed by BKV Group, will replace a parking garage and a parking lot on South Wabash Avenue. In addition to 777 rental units and 314 hotel rooms, the new construction will also have about 42,000 square feet of commercial space on the first and second floors of the buildings.
[CBJ] — Victoria Pruitt