CHICAGO, IL - Chicago-based Habitat, a leading U.S. multifamily developer and property manager, today announced it has fully leased the apartments in the second phase of 43 Green, a mixed-income, mixed-use community in the heart of Chicago’s historic Bronzeville neighborhood on the city’s Near South Side.
Located at 4309 S. Prairie Ave., immediately west of the CTA’s 43rd Street Green Line stop, 43 Green Phase 2 rises 10 stories and features 80 apartments, 44 of which are designated as affordable. Bordering the east side of the CTA station is Phase 1 of 43 Green, a 10-story, 99-unit building that includes 50 affordable apartments, with the remainder leased at market rate. Phase 1 welcomed its residents starting in June 2023 and was fully leased by December of that year.
“The successful lease-ups at 43 Green Phases 1 and 2 exceeded our expectations and demonstrate that high-quality affordable and market-rate housing continues to be in high demand in Chicago’s Bronzeville community,” said Habitat President Matt Fiascone. “Equitable development near transit connects residents to opportunities and contributes to a more vibrant, inclusive and sustainable future for the 43rd Street Corridor and the city at large.”
The residences at 43 Green Phase 2 are offered in studio, one- and two-bedroom floor plans ranging from 465 to 1,092 square feet. Building amenities include two outdoor terraces, a fitness center, laundry facilities, flex work-from-home spaces, surface parking for 13 vehicles and 56 bicycle parking spots. Additionally, the 80,000-square-foot building features new commercial retail space along 43rd Street that is well positioned to take advantage of the location’s busy foot traffic due to its proximity to CTA train and bus stops, Hadiya Pendleton Park and the hundreds of new residents living at 43 Green.
Representing an investment of over $100 million across the project’s three phases, 43 Green is the first equitable transit-oriented development (ETOD) on Chicago’s South Side. Chicago boasts a strong public transit network, making it well-suited for pedestrian-friendly transit-oriented developments (TODs). However, prior to the city adopting its ETOD Policy Plan, nearly 90% of TOD projects between 2016 and 2019 were concentrated on the North Side, Northwest Side, downtown and the West Loop, with little activity on the South and West sides. The Connected Communities Ordinance was adopted in 2022 to spur more equitable development near transit by expanding TOD incentives citywide, including a standard four-block radius around rail stations and two-block coverage near select bus routes.
“It’s been rewarding to watch 43 Green become a model for what ETODs can achieve, not just in Chicago but across the country in terms of blending mixed-income housing with retail to create vibrant, connected communities,” said Fiascone. “With Phase 2 now fully leased, we’re proud to see this vision come to life in Bronzeville and honored to play a vital part in the renaissance of such a storied neighborhood.”
Upon completion, 43 Green will include approximately 250 new apartments across three phases. The third and final building in the development is planned for 70 rental units. A timeline has not yet been set for the final phase.
Habitat, serving as the lead developer, partnered with P3 Markets on this phase of the multiphase development. Construction was led by a joint venture between Bowa Construction, a minority-owned, full-service construction management and general contracting firm, and McHugh Construction. Design for this phase was carried out by a joint venture between the architectural teams of Landon Bone Baker and Moody Nolan.
About Habitat: Founded in 1971, Habitat is a full-service residential real estate company specializing in property management, acquisitions and development. One of the largest residential property developers and managers in the United States, with over $3 billion in assets and more than 10,000 units under management across multiple states, the company’s portfolio spans a range of property types, from mid- and high-rise condominium, apartment and adaptive reuse developments to senior and affordable housing communities. Headquartered in Chicago, with hundreds of employees throughout the U.S., Habitat is dedicated to improving the communities it serves through innovation and a commitment to excellence. For more information, visit www.habitat.com
About P3 Markets: A minority-owned real estate development firm, P3 Markets provides a comprehensive approach to real estate investments that inspire real, measurable change for low to moderate income communities. By connecting local entrepreneurs with promising real estate opportunities, P3’s public-private partnerships create shared, long-term wealth for both investors and communities alike. For more information, visit www.p3markets.com