Developers proposed a rental high-rise Monday near the CTA’s Green Line stop at 43rd Street, a project they hope will invite more residences and retail stores along the once busy commercial stretch.
Habitat, one of Chicago’s most active multifamily builders, and P3 Markets proposed a 10-story building containing 99 apartments. Charlton Hamer, senior vice president of Habitat, said half the units would be market-rate and the rest reserved for people who qualify under the city’s affordable-housing rules.
The building, which would include 25 parking spots and 5,300 square feet of retail space, is planned for a vacant lot at the southwest corner of 43rd and Calumet Avenue. Hamer said he hopes to start construction on the $30 million development, called 43 Green, by the second half of 2021 and deliver it a year later.
Hamer said the development meets the city’s goals of increasing affordable living options near transit hubs. He also said he’s hoping to encourage new restaurants and shops so people don’t have to spend money outside the neighborhood. The project is officially in Grand Boulevard, but many consider 43rd Street part of historic Bronzeville.
“There’s been a tremendous investment in small in-fill residential lots and townhomes” but less activity along 43rd, Hamer said. “With the appreciation in values you’ve got more residents looking for amenities outside of going into Hyde Park to get them,” he said.
The proposal was made in a zoning application submitted to the City Council on Monday. The application starts a review leading to a hearing by the zoning committee and possibly approval by the full council. The building would go on city-owned land the developer will acquire, said Ald. Pat Dowell, whose 3rd Ward includes the site.
“I hope this will be a catalyst for more investment in that corridor,” she said. “I’ve already gotten several more inquiries. It’s promising.”
Hamer said the rents for the market-rate units are expected to be $2.10 per square foot. Units listed as affordable will have rent limitations for tenants earning no more than 60% of the region’s median annual income. For a family of 4, the 60% limit is $54,600.
The building would be the first of at least two others Habitat and P3 envision near 43rd and the Green Line. “It’s a high probability that the future uses will be residential and retail, but there could be a standalone retail building,” Hamer said.
Future sites are at the northeast corner of 43rd and Calumet and a parcel just west of the Green Line and south of 43rd, Hamer said.