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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

Ann Rainey Apartments
Details

Ann Rainey Apartments, a part of the Howard Street revitalization effort and a response to the drive for more affordable housing in the City of Evanston, will feature 60 one and two-bedroom affordable apartments for seniors. This building will include a community room, lounge space, fitness room, 2nd floor deck, and other great amenities.

Aurora St Charles Senior Living
Details

An adaptive reuse of a remarkable 1932 Art Deco hospital restored to its original grandeur 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.

Green Oaks of Goshen
Details

Located in Goshen, Indiana.

Green Oaks Valpo
Details

Located in Valparaiso, Indiana.

Independence Library and Apartments
Details

Initiated by the City of Chicago, the Chicago Public Library, and the Chicago Housing Authority, Evergreen was selected to lead the development of Independence Library and Apartments. Completed with John Ronan Architects, the award-winning project includes 44 units of mixed-income senior housing atop a 16,000-square-foot branch of the Chicago Public Library along with a huge garden terrace and other amenities for residents.

 

Photo courtesy of James Florio.

Legacy Lofts
Details

The beautifully restored historic Blommer Ice Cream factory and an adjoining new construction make up Legacy Lofts, which incorporates 64 mixed-income units and 2,000 sf of commercial space in Milwaukee’s Lindsay Heights neighborhood.

Northtown Library and Apartments
Details

Northtown Library and Apartments, a sister project to Independence Library and Apartments, includes 44 units of mixed-income senior housing atop a new 16,000-square-foot branch of the Chicago Public Library. Designed by architects Perkins + Will, the award-winning project features unique amenities including a colorful lobby mural, an outdoor rooftop deck, and a two-story community room.

 

Photo courtesy of James Steinkamp.

Oso Apartments
Details

Oso Apartments is a new construction with 48 affordable one and two-bedroom units for families. The project incorporates a pocket plaza entrance promoting connection to the Albany Park community and features a mural by local artist Miguel Del Real.

 

Photo courtesy of Christopher Barrett.

Ravenswood Senior Living
Details

Ravenswood Senior Living is a 200,000-square-foot adaptive reuse of a former hospital building into a senior independent living and assisted living community. The building’s scale allows it to offer a wide range of amenities to its residents, from reading rooms, to exercise rooms, to multiple roof decks with views of the Chicago skyline and playing fields of Lycée Français de Chicago.

 

Photo courtesy of Andrew Bruah.

Schiller Place Apartments
Details

Schiller Place Apartments is a 51,000-square-foot mixed affordable housing and market-rate housing development across from the New City shopping center located in Chicago’s Lincoln Park neighborhood. The project consists of three brand new four-story buildings with 16 residential units in each.

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.

Green Oaks – Affordable Assisted Living

Part of Evergreen Real Estate Group, Green Oaks Assisted Living brings the Evergreen team’s expertise of developing of affordable assisted living facilities to the needs of today’s seniors seeking a housing option that gives them the extra assistance they need, when they need it. Green Oaks communities are available to residents 55 and older with a wide range of financial means. Green Oaks is able to partner with the state to support each resident in financial need. Green Oaks facilities offer residents with assistance with daily living, 3 meals a day, activity coordination, and transportation. The building amenities often include a gym, library, theatre, salon, and other activity rooms. Green Oaks communities feature studio and 1 bedroom units that include a kitchenette with microwave and refrigerator/freezer, private bathroom with grab bars and shower, individually controlled heating and air conditioning, emergency alert system, and window treatments.

To learn more about Affordable Assisted Living options, please contact Jared Isenthal, Evergreen Assisted Living’s lead project manager.

Green Oaks of Goshen
Located in Goshen, Indiana.

Green Oaks of Valparaiso
Located in Valparaiso, Indiana.