CHICAGO — The first phase of a $100 million project adjacent to the 43rd Street Green Line stop in Bronzeville was approved by City Council Wednesday.
The transit-oriented development, a joint-venture of The Habitat Company and P3 Markets, proposes bringing 99 apartments and 6,000 square feet of retail to a city-owned lot at 43rd Street and Calumet Avenue.
By tapping into low-income housing tax credits and a state grant, 50 of the units will be affordable, Phil Beckham of P3 Markets said during a virtual hearing of the city’s Committee on Zoning Tuesday.
According to the plan, about half of the apartments must remain affordable for at least 30 years. They’ll be reserved for renters making up to 60 percent of the area median income, or $43,680 annually for a two-person household.
Ald. Pat Dowell (3rd) said the building will be the first transit-oriented development in the area, and she hopes it will be a “catalyst” for other development.
Beckham said the project is “personal” to him, with the neighborhood being home to him, his father and his grandfather.
“Everything this project entails is something that the community has been talking about and wanting for over ten years of meetings, block clubs meetings and block parties,” he said. “It’s exciting to reignite a dead retail corridor with three Black-owned businesses.”
Groundbreaking is set for June, officials said in September.
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