Crusader Staff Report
Several developers on Monday, November 16, proposed a $30 million high-rise apartment building near the CTA’s 43rd Street Green Line stop, hoping to boost residences and stores in one of Bronzeville’s struggling commercial districts.
The proposal was submitted in a zoning application to the City Council. The development reportedly will be built on city-owned land which the developer will later acquire.
The proposal was submitted by developers Habitat, a multifamily builder in Chicago and P3 Markets.
Black-owned BOWA Construction and McHugh are named as joint venture general contractors for the project, according to P3 Markets’ website.
Known as 43 Green, the development will be a 10-story high rise that will have 99 apartments, 25 parking spaces and over 5,500 square feet of retail space.
The development will be built on a vacant lot at the southwest corner of 43rd and Calumet Avenue. Charlton Hamer, senior vice president of Habitat said half the units would be market-rate. He said and the other units will be rented at less than market rate for people who qualify under the city’s affordable-housing rules.
The monthly rents for the market-rate units are reportedly expected to be $2.10 per square foot. The affordable rental units will require tenants to earn no more than 60 percent of the region’s median annual income. That limit is $54,000 for a family of four.
Construction is expected to begin by the second half of 2021 and be completed a year later.
Bronzeville continues to grow, along with concerns of gentrification.
In the past several years, new apartment buildings have been built along 43rd street starting at Martin Luther King Drive heading east to Cottage Grove where the $37 million 4400 Grove community opened on October 1.
Located less than two miles away, the complex is located on Cottage Grove Avenue, between 43rd and 47th streets. Built on CHA owned-land, 4400 Grove offers 84 contemporary, high-quality apartments and nearly 18,000 square feet of ground-floor retail and commercial space in the heart of Bronzeville.
That complex offers 25 market-rate units, 38 affordable units that will be rented to those making 60 percent of the Area Median Income (AMI), and 21 public housing units.
During the 43 Green project, BOWA Construction and McHugh will be a part of the first phase of the multi-phase project.
“Anytime that we have the opportunity to work on a project that will directly push economic growth in our community we are on board. This is a part of BOWA’s mission,” said Nosa Ehimwenman, president and CEO of BOWA Construction in a statement.
“This project will create construction jobs for community members and housing. Our team is looking forward to building in Bronzeville and honored to partner with P3 Markets and Habitat on this exciting endeavor.”
“It is important that we select partners for the 43 Green project that understand the spirit of the community,î said Phillip Beckham III, Principal at P3 Markets in a statement. “We were interested in firms with high integrity and that also have a strong connection with the Bronzeville demographic. BOWA Construction and McHugh do just that, and we are proud to partner with them.”
The development aims to boost economic growth on 43rd Street, where The Forum, a historic dance hall stands vacant and in disrepair. In 2019, the building was listed on the National Register of Historical Places. For years, an entrepreneur has led a fundraising campaign to restore the relic.
Later phases for 43 Green will include two additional buildings with residential capacity and parking areas. They will be built at the northeast corner of 43rd and Calumet and on a parcel just west of the Green Line and south of 43rd street.