It’s not easy being green, but with the development of the 43 Green Development Project in the works, People like Phillip Beckham III look to bring back life to this area along with the CTA’s Green Line stop at 43rd Street in Bronzeville.
There has not been anything new near 43rd and Calumet for many years, yet there are so many people moving, buying and redeveloping homes in the area. A development team has won city backing for a multi-million-dollar apartment project proposed next to 43rd CTA Green Line Stop: hence the name 43 Green. With the hope that will inspire others to invest in the neighborhood’s commercial arteries.
The development team, P3 Markets (Public, Private Partnership), has been working hard on the ‘43 Green’ project on the corner of 43rd and Calumet Avenue. “43 Green” is a mixed-use apartment and retail project located in the historic Bronzeville community. With the addition of project partner and residential developer The Habitat Company, and given their background in providing affordable housing, it is now on its way to breaking ground in spring 2021.
The project will offer an eight-story, 99 apartment unit with enough space for businesses. The Apartment options will include studios, as well as one- and two-bedroom apartments. Both market-rate and income-restricted affordable units will be available.
P3’s partners are Juan Saldana, and Phillip Beckham III, and P3’s goals are simple: to generate risk-adjusted ROIs and make an impact on the local community. I asked Phillip Beckham III to discuss its mission and his role in the 43 Green Development.
As a longtime resident of the Bronzeville neighborhood, Phillip Beckham III, is extremely excited about the 43 Green projects, P3’s most extensive project. After working with his own Non-Profit Mid- South Business Association & Resource Center that he started 4 years ago, to build a banker-business relationship and help businesses understand their own business and grow to scale. Therefore, be ready for new opportunities like 43 street.
PBIII: This project (43 Green) is about keeping people here. People are leaving to go to South Loop, Hyde Park, or downtown to shop. These are people who bought 400 thousand to 500 thousand homes on King Drive, rehab it, and still had to leave the neighborhood to get their necessities. So, this is not just about keeping people here but also making sure that they have something to stay here. Here is what 43 Green is all about.
The area has been empty for a long time, but Phillip saw that these few blocks had a “Gold Mine” next to it, the CTA Green Line. Phillip began passing this idea along to other developers. He was still able to convince some from the Habitat Corp to take the n CTA Green Line and see this city-owned property. They agreed, “we need this to get developed, we need density, we need retail,” and soon worked closely in partnership with P3 Markets on this project.
SS: How important was it for the neighborhood to have this project?
PBIII: This was about understanding what the community needs. Bronzeville needs more people. More young people and professional people. We need density. Density helps retail; if your retail is going to be influential, you need density, which helps provide a thriving business. It also helps build tax base revenue.
SS: What is the Mission of this project?
PBIII: Building businesses and developing housing around major public transportation hubs. It would be best if you had both. To bring the retail and people back in, and this project is not displacing anyone. There are opportunities for small black own businesses and national brands to help support this project.
SS: What would you like to develop from this project?
PBIII: The goal is to see people stay here because everything is here for them. We lose a lot of our young professionals because there is nothing around. The ultimate goal is to create an ecosystem for the younger generation and keep Bronzeville young, vibrant, and economically strong. To get a kid from Bronzeville, who goes to high school, goes to college or a trade school, and can get his/her first apartment, at 43 Green, for example. People will hopefully stick around when they make more money to buy a condo, and when they get their own family, they will now have housing developments around.
SS: Does this project have space for everyone? i.e., non-professionals?
PBIII: We offer some affordable and market-rate apartments for this market of Bronzeville. 43 Green is for those young professionals in their first job and can pay the rent but at the market rate for Bronzeville. Also, for the small retail business. We are making sure that some of our retail costs still have some smaller “mom & pop” businesses that can always be there in the neighborhood.
SS: What is the Future of this project? How is Covid-19 affecting those plans?
PB: Covid-19 made us rethink some things to make sure we have spaces that are right for people to work at home. The building is much more adapting with good air quality, reliable internet service, and security. Many will be working at home due to the Pandemic, so having excellent access and getting amenities in the building is vital. Residents can be comfortable working at home, and they can still walk outside and go to a restaurant.
It is 13 months in development and soon to break ground in Spring 2021. The 43 Green Development is a long time coming with the hope that it will inspire others to invest in the neighborhood’s commercial arteries.
Thank you to Phillip Beckham III. Chicago Defenders’ Men of Excellence Award recipient, long-time resident, and with his vision and work with P3 Market and the Habitat Corporation will help bring back life and business to the Bronzeville neighborhood and continue building on a legacy that his father started so long ago as a black businessman himself.
Shera Strange is a Health Coach & Fitness Professional & writer. Find her on social media @ www.strangefitness.com and FB: Strange Fitness Inc.