Constructing a 99-unit mixed-income apartment building in Chicago’s Bronzeville neighborhood required developers to navigate a public-private partnership with city and federal agencies and overcome decades of disinvestment in South Side neighborhoods.
The 43 Green project was further complicated by the effects of the pandemic and global supply-chain disruptions.
Developers The Habitat Co. and P3 Markets overcame those hurdles to complete the initial phase of the $200 million project last year. The first residents arrived last June.
The developers then kicked off a second phase including an 80-unit apartment building plus retail and commercial space. A 150-room hotel is planned for the third phase on the Bronzeville site.
The first building on the site at 4308 S. Calumet Ave. includes 51 affordable apartments and 48 market-rate units.
The project received a 2024 CoStar Impact Award for multifamily development of the year in Chicago, as judged by real estate professionals familiar with the market.
About the Project: The development, named for the nearby 43rd Street Green Line train station, is part of the city’s ETOD, or equitable transit-oriented development, initiative. The Chicago Transit Authority has announced plans for a $10 million upgrade to the train station.
What the Judges Said: “This project checks all boxes, leading the neighborhood in development, a mix of market-rate and affordable units, next to the Green Line, and finally, it's a great-looking project,” said Charles Ditchman of The Annex Group.
They Made It Happen: Contributors to the project included Charlton Hamer, Jeff Head, Dave Mevis and Lilian Yool of Habitat Affordable Group; Phillip Beckham III of P3 Markets; Jeff Bone of LBBA; Vincent Haynes of Fifth Third Bank; Esther Sorrell of Chicago’s Department of Housing; Bruce Sorota of Stratford Capital; and Victor Agusta of Bellwether Enterprise Real Estate Capital.
CoStar Market Manager Kristen Davis contributed.