Mixed-Use Development Financing Approved in Bronzeville

Mixed-Use Development Approved in Bronzeville

Chicago's City Council has approved the financial framework for Phase Two of the 43 Green development. Located at 4309 S. Prairie, this will be a mixed-use eTOD adjacent to the 43rd CTA Green Line stop. 

The Habitat Company and P3 Markets are co-developing the new project, which will include:

 

 - 10-story building

 - 80 residential units

 - 4,000 square feet of ground floor retail space

 - Future tenants include a UPS office and dental practice

 - Exercise space

 - Community room

 - 13 car parking spaces

 - 56 bike parking spaces

 

Urbanize Chicago states that Landon Bone Baker Architects and Moody Nolan are collaborating on the design. The building will have setbacks to reduce the massing of the building adjacent to the neighborhood to the south and the CTA L tracks to the east. 

 

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The building will rise 106 feet and the roofline will match phase one, with the building massing broken up into different sections that exhibit a modulation in facade treatment. Balconies will be used as a massing strategy to erode corners and provide residents with views of the surrounding city.

Chicago.gov reports that the $45 million mixed-use project is supported by the Department of Housing ordinance that would authorize the allocation of:

 

 - $6,500,000 in Multi-Family Loan funds

 - $6.3 million from a HUD mortgage

 - $20.9 million in LIHTC equity

 - $610,000 in deferred developer fees

 - $10,000,000 in TIF funds

 - Sale of two vacant lots located in the vicinity of East 43rd Street and South Prairie Avenue for the sum of $2.00

 

This phase will consist of an 80 unit pre-cast structure including studio, one and two-bedroom apartments. These will be priced at 60% of the Area Median Income, 7 at 50% AMI, and 36 at market-rate.  

Chicago Yimby states that besides the 43rd Green Line Station, other transportation options for residents include a bus access for Route 43 that can be found adjacent to the property underneath the station and just several paces east to 43rd & Indiana.

Following the city's approval, the development team can now finalize the plans and initiate construction once the permits are issued. Plans are tentatively targeting a Q2 2024 completion date, though this timeline may be slightly delayed due to a later-than-expected start date. 

Once construction breaks ground, Bowa Construction and McHugh Construction will serve as joint general contractors.

 

Posted by Judy Lamelza

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