CHICAGO (WBBM NEWSRADIO) - The Chicago City Council’s Finance Committee has given preliminary approval for Tax Increment Financing (TIF) for a South Side building complex that’s been years in the making.
It’s called “43 Green,” an eventual $200 million, mixed income, mixed-use development adjacent to the CTA’s 43rd Street Green Line Station. Phase One of the project is up. This is Phase Two.
Assistant City Housing Commissioner Esther Sorrell, said there’ll be 80 units of mixed family housing, as well as businesses.
“The development will provide market rate and affordable housing for families in a community with strong demand for such units,” Sorrel said.
Sorrell said the project will bring 125 construction jobs to the area and 26 permanent ones.
“Additional benefits include the site’s proximity to public transit, the creation of new retail services, and enhanced streetscaping,” Sorrel added.
North Side Ald. Harry Osterman applauded the project, which is part of Mayor Lightfoot’s INVEST South/West Initiative.
“As we look to the future and how to do transit-oriented development, I think model developments like this, is what we should be really pushing in an aggressive way,” Osterman said.
The project could pass the full City Council on Wednesday.
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