First Round Financing Cleared for Mixed-Income Development
The Habitat Company and P3 Markets have received LIHTC approval from the city of Chicago for a transit-oriented, mixed-use development in the historic Grand Boulevard neighborhood.
CHICAGO – The Habitat Company has cleared its first round of financing for 43 Green, a $35 million, mixed-income, mixed-use development in Chicago’s Grand Boulevard neighborhood.
The Chicago-based company is partnering with P3 Markets to develop the transit-oriented project, located on the northeast corner of East 43rd Street and Calumet Avenue. Upon completion, the multi-phase development will comprise three buildings surrounding the 43rd Street Green Line stop.
The partnership has received approval for Low Income Housing Tax Credits (LIHTC) from the city of Chicago, and they will now move forward with the project’s design and financing, to finalize its capital program. Each of the three buildings will consist of mixed-income apartments and street-level retail.
The development’s Phase 1 building will serve as the project’s largest structure; encompassing 7,500 square feet of retail space, off-street parking and 91 apartments, ranging from studio to two-bedroom units. Half of the residences will be listed as market-rate, while the other half will be offered as income-restricted affordable-rate. The Phase 1 building is expected to break ground in 2021. The following phases for 43 Green will comprise additional mixed-income buildings, commercial development and street-level retail.
The development will be constructed on a vacant, city-owned lot, north of Hadiya Pendleton Park. Through the project, the partnership aims to revitalize in the historic neighborhood by establishing a retail and residential hub. The partners also intend to leverage Opportunity Zone investment at sites within the program boundaries.
The Habitat Company, founded in 1971, is a full-service, multifamily development and property management company. The firm’s portfolio consists of more than $3 billion in assets and more than 22,000 units under management, across six states.
Also based in Chicago, P3 Markets serves as a real estate development firm dedicated to public-private partnerships.