Evergreen Real Estate Group developed innovative mixed-use buildings
- VSKA prepared market studies for innovative mixed-use buildings developed by Evergreen Real Estate Group that combine affordable senior housing and new Chicago Public Library branches.
- The buildings received awards for their designs, are now open, and leased quickly.
Requirement
Prepare market studies for two affordable senior buildings on the northwest and far north sides of Chicago as part of a unique partnership between the developer, the Chicago Housing Authority, and the City of Chicago.
Approach
VSKA applied trustworthy affordable housing market study methodologies in an innovative context, recognizing the unique benefits that could be provided to residents and the surrounding neighborhood with developments providing a vibrant public amenity to residents and neighbors alike.
Results
The buildings received awards for their designs, which include new libraries on the first and second floors that serve the community at large, as well as amenity spaces for the buildings’ residents. The City of Chicago awarded Low-Income Housing Tax Credits to Evergreen, while the Chicago Housing Authority granted Project-Based Section 8 Vouchers, creating and preserving affordability. Both buildings are now open and well-occupied.