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Evergreen Development

 

From adaptive reuse of historic buildings, to market-rate multifamily complexes in high-demand areas, to value-added acquisitions of existing apartment buildings, to new assisted-living and memory care facilities serving the needs of today’s seniors, Evergreen Real Estate Group does residential development right.  Evergreen’s team of development, finance, legal, and property management experts understand the specific requirements of multifamily real estate development in a wide range of markets.  Our development approach brings careful analysis of the market together with creative approaches to project financing and deep experience with building design and construction, resulting in thoughtful, well-designed and well-managed buildings.

 

If you are a community seeking a responsible developer, or a broker offering a vacant site, adaptive reuse candidate, or existing apartment complex, please contact Steve Rappin, Evergreen’s president, to discuss how we can help.

Evergreen’s Development Division – Affordable Housing

Evergreen’s Development division is one of the most innovative, dedicated, and resourceful real estate developers in the Midwest.  The division develops, finances, constructs, and operates high-quality affordable and mixed-income multifamily housing developments in a range of communities, from the heart of Chicago, to smaller suburban communities, to major metropolitan areas beyond Chicago.

Experience, Commitment, and Creativity

Evergreen’s development principals share a combined knowledge of nearly 100 years of experience in the industry through various functions as owner, lawyer, consultant, property manager, educator, architect and urban planner.  As the developer, Evergreen takes the lead on the development of projects from site selection through planning and zoning approvals, building design, financing, leasing and property management.  Evergreen is a responsible, involved partner in creating new and revitalized affordable housing. We believe our role in the development process is to bring the local vision to life, and to help realize the development process with our expertise in the complex financing and rigorous development schedules required to build many types of affordable housing.

Our project portfolio includes new construction, adaptive reuse of historic structures, and mixed-use properties incorporating both residential and commercial or institutional components.  Evergreen regularly partners with local municipal officials and nonprofit organizations to identify the most suitable program for a given site, and to achieve the project’s vision through the creative use of complex public and private financing tools.

Contact David Block, Evergreen’s Director of Development, if you have a site you’d like to discuss with us.

 

 

Development Projects

Aurora St Charles
Details

The adaptive reuse of a remarkable 1932 Art Deco hospital in a prime location near downtown Aurora, Illinois, Aurora St. Charles Senior Living features 60 studio, one-bedroom and two-bedroom units at both subsidized and market-rate rents.

Fairhaven Crossing - Mundelein
Details

Fairhaven Crossing is a brand-new 40-unit building in north suburban Mundelein that features a mix of one-, two- and three-bedroom units, with a large community space at the center of the building.

Independence Library and Apartments
Details

Like its sister project (the Northtown Library and Apartments), the Independence Library and Apartments is a new initiative of Mayor Rahm Emanuel, the Chicago Public Library and the Chicago Housing Authority.  Designed by award-winning architect John Ronan, the building includes 44 brand-new units of mixed-income senior housing atop a new 16,000-square-foot branch of the Chicago Public Library, along with a huge garden terrace and other amenities for residents.

Legacy Lofts
Details

Now under construction, the Legacy Lofts will feature a variety of 1-4 bedroom units at both subsidized and market-rate rents, with several different unit configurations in the beautifully restored historic Blommer Ice Cream factory and in an adjoining newly constructed building.

Northtown Library and Apartments
Details

A novel initiative of Mayor Rahm Emanuel, the Chicago Public Library and the Chicago Housing Authority, the Northtown Library and Apartments (along with its sister project, the Independence Library and Apartments) project includes 44 brand-new units of mixed-income senior housing atop a new 16,000-square-foot branch of the Chicago Public Library.  This remarkable building, designed by renowned Chicago architects Perkins + Will, includes a wide variety of amenities for its residents.

Sangamon Terrace
Details

This new 24-unit extension to the neighboring 123-unit Bethel Terrace site offers seniors aged 62 and up a comfortable and affordable option for living next to a brand new Whole Foods Market and the Kennedy-King College complex.

The Campana
Details

Now under development, this remarkable Art Moderne building is being comprehensively renovated with 80 mixed-income units.  Most units have 16-foot ceilings and second-level bedrooms for true loft-style living.  The complex includes a playing field and a tot lot, and is across the street from the remarkable Fabyan Forest Preserve along the Fox River, which boasts miles of bicycling and running trails and a beautiful Japanese garden.

Evergreen’s Acquisitions team is an active buyer of stable and value-add, market rate and affordable multifamily properties. With deep knowledge of tax credit financing, tax-exempt bonds, FHA insured and conventional loan products, and Section 8 contract options, we take a creative approach to project finance that builds on Evergreen’s reputation as a best in class property manager. This combination of excellent property management and creative finance enables us to offer competitive pricing to sellers while maintaining strong returns for our investors and ensuring that the properties we purchase are well-maintained, providing safe, high-quality homes for residents.

Contact Kevin Beard, Evergreen’s Director of Acquisitions, if you have a site you’d like to discuss with us.

 

Development Projects

Farwell Jarvis
Details

72 units of senior housing on Chicago’s Northside. More than two million dollars of rehabilitation work was completed on these two nearly 100 year old buildings as part of Evergreen’s preservation effort. The HAP contract was extended for 20 years.

Hidden Hills Apartments
Details

162 units of market rate family housing in a quiet and secluded area of the bustling university town of Bloomington, IN.   This property consistently maintains occupancy over 97% and provides a beautiful setting at a great value. 

Lakewood Village
Details

82 units of family section-8 housing in Lake County, IL. Evergreen was able to secure 9% Low Income Housing Tax Credits to generate a $3MM rehab of the property to enhance the lives of the residents.   This property operates at 100% occupancy.

Oak Tree Towers
Details

A 165 unit senior housing community in downtown Downers Grove, Illinois. In conjunction with the acquisition, we are completing more than four million dollars of rehabilitation work. The property’s HAP contract, which was set to expire just months from the time of acquisition, was extended for 20 years, and the property’s affordability restrictions extended for 30 years as part of the purchase.

Western Hills
Details

152 units of market rate family housing overlooking majestic snow covered Pikes Peak in Colorado Springs, CO.  Evergreen has systematically improved the interior and exterior of the units enabling a $150 increase in rent per unit and increasing the value of the property by 60%.

Grandbrier – Independent, Assisted Living and Memory Care

Part of the Evergreen Real Estate Group, Grandbrier Independent, Assisted Living, and Memory Care brings the Evergreen team’s expertise with development of market-rate senior living complexes to the particular needs of today’s seniors seeking a housing option that gives them the extra assistance they need, when they need it.  Grandbrier offers a continuum of options for seniors from independent apartments to assisted units to secure memory care facilities, with brand-new facilities at competitive prices.

New Options for Today’s Seniors

By pairing the extensive real estate development experience of the Evergreen Real Estate Group with the demonstrated expertise of facility operators like Pathway Senior Living, Grandbrier facilities offer the best in contemporary comfort, safety, and peace of mind to seniors and their families.  Residents can choose from a variety of packages, including independent living (with or without meal plans), assisted living, or memory care.  As the needs of residents change, residents can seamlessly adjust the level of services they receive.

On top of the bright, spacious facilities, Grandbrier senior living facilities include the award-winning Viva! Lifestyle programming, to keep residents active, healthy, and engaged with their community.  From gardening programs to life-long learning opportunities, Viva! programs engage Grandbrier residents body, mind and spirit.

To learn more about Grandbrier Independent, Assisted and Memory Care options, please contact Larry Pusateri, president of Grandbrier Senior Living.

 

Please see the website for our Prospect Heights Property at http://www.grandbrierassistedliving.com/

Development Projects

Grandbrier of Bloomingdale
Details

A 101 unit best-in-class, newly built assisted living and memory care facility in Bloomingdale, IL.   This property is currently in the pre-development phase.​

Grandbrier of Prospect Heights
Details

A 102 unit best-in-class, newly built assisted living and memory care facility in Prospect Heights, IL.  http://www.grandbrierassistedliving.com/

Property Management