Residents in Chicago’s Bronzeville neighborhood are one step closer to additional housing and retail options.
Phase One
P3 Markets has been hard at work on 43 Green, a mixed-use apartment and retail project located in the historic Bronzeville community. With the addition of project partner The Habitat Company and approval from the city of Chicago just last month, the development is now on its way to breaking ground.
“We’ve had this project in the works for three years, and with help from the city and our friends at Habitat, we’re now well on our way to delivering it. We’re excited the residents of Bronzeville will finally get to see what we’ve been working on for them.” – Phil Beckham III, Principal
Located near the 43rd Street Green Line stop, Phase 1 of the project will offer 91 apartment units and over 6,500 square feet of mixed-use retail and transit-oriented development space. Apartment options will include studios, as well as one- and two-bedroom layouts. Both market-rate and income-restricted affordable units will be available.
Future Phases
The long-term project plan includes subsequent phases that will continue to add affordable and mixed-use housing options to the Bronzeville area.
“Bronzeville is a beautiful and historic community, and its residents deserve more accessible housing and retail options than what’s currently available. We hope 43 Green is only the start of those options.” – Juan Saldana III, Principal
The P3 Markets team is working closely with the Bronzeville community to deliver additional phases that maximize opportunities for local residents. As of now, all planned phases will be located in designated Opportunity Zones.
Funding
In addition to potential OZ funding, the city of Chicago recently approved the 43 Green project for a portion of its Low-Income Housing Tax Credits.
Here’s what Mayor Lori Lightfoot had to say about 43 Green, as well as the other 10 projects that were chosen for 2020 LIHTCs: “Taken together, these projects represent the dynamic innovation and partnership our city is bringing to expand affordable housing across each of Chicago’s communities and neighborhoods. Our future rests on keeping Chicago safe and affordable for every family and resident, providing them the stability and foundation we all need lay to down roots, start a family, grow a business, and pursue our dreams.”
Impact
The P3 Markets team hopes 43 Green is only the beginning of our positive impact on the Chicago community this year. We’re also working toward a certification from the Global Real Estate Sustainability Benchmark, which focuses on real estate projects that improve on environmental, social, and governance issues affecting the larger population.
“We’re Chicago-born and bred, and we choose our projects with all our fellow Chicagoans in mind. I’m honored to have the opportunity to build in my own neighborhood and provide the very things that we all have been expressing a need for.” – Phil Beckham