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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.

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

Garden House of Maywood
Details

145 units of affordable senior housing in a small-lot, amenity rich neighborhood in a Chicago suburb. Evergreen arranged for the purchase of this property by Housing and Human Development Corporation - a non-profit organization specializing in affordable housing development and social services - and also served as turnkey developer for the substantial rehabilitation of the property on HHDC’s behalf.

Golda Meir House
Details

127 units of affordable senior housing in Milwaukee with beautiful views of Lake Michigan. More than five million dollars of rehabilitation work was completed. Evergreen also committed to extend affordability for more than 30 years, and obtained 4% low-income housing tax credits and a tax-exempt loan from the Wisconsin Housing and Economic Development Authority (WHEDA).

Greenview Gardens
Details

137 units of affordable family housing in Butler, Pennsylvania sitting atop a bluff overlooking the town. A significant seven million was spent on rehabilitation of this 50-year-old property. Evergreen also renewed the Section 8 contract for an additional 20 years while navigating the property's complex LIHPRHA Use Agreement.

Haven St. Charles
Details

71 units of market rate family housing in St. Charles, Illinois surrounded by tree lined streets and many nearby public amenities. The already newly renovated property with outstanding features will thoughtfully be managed by Evergreen.

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/