EMERSON SQUAREPHASE 1

City of Evanston City Council

May 14th, 2012

• City of Evanston and Brinshore partnered to author the City’s NSP2 application

• City of Evanston/Brinshore were awarded one of 56 grants out of 482 applications received for two activities. • Scattered Site redevelopment of 100 foreclosed or abandoned units

of housing• Mixed-income new construction residential community of a former

brownfield (Emerson Square)

• HUD awarded NSP2 Grant to the City on February 11, 2010 in the amount of $18,150,000 to complete both Emerson Square and the Scattered Site Redevelopment effort

NEIGHBORHOOD STABILIZATION PROGRAM 2 EFFORT

• 89 out of 100 units acquired or under site control

• 34 units completed

• 29 units under construction

• 13 units are in the bidding phase and will commence construction shortly

• As of 03/31/2012, 72% construction subcontracts to M/W/EBE firms and 31% to Section 3 business concerns.

• Twenty (20) Section 3 residents from Evanston have been hired through the program

SCATTERED SITE SUCCESSES TO DATE

• For-Sale Homes

– 80 households have started homebuyer counseling

– 480 households have registered for the for-sale program

– 5 homebuyers have moved into their homes, have contracts or are under exclusive negotiation to purchase a home

– 1 property received an offer and is under review

– 6 properties listed on the MLS

• Rental Homes

– 12 households have moved into fully renovated, energy efficient rental housing or have pending applications

SCATTERED SITE SUCCESSES TO DATE

EMERSON SQUARE PHASE 1 EXISTING SITE AERIAL PHOTOGRAPH

FOSTER ST

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EMERSON SQUARE PHASE 1 EXISTING SITE PHOTOGRAPH LOOKING SOUTH

EMERSON SQUARE PHASE 1 OVERVIEW

• Project will include acquisition, abatement and demolition, environmental remediation of contamination, new public street, public sidewalks, underground public utilities, new public park, community garden, leasing office and 32 residential units

• City contribution of $3.085 million has leveraged an additional $12 million of competitively awarded sources arranged by Developer including:− First Mortgage from IFF− Federal Home Loan Bank of Chicago AHP Funds− Federal Low Income Housing Tax Credit Equity − State of Illinois Donation Tax Credit Equity

• Timeline− Acquisition - June 2012 − Demolition and Remediation – June – August 2012− Construction Closing – August 2012− Construction Completion September 2013

EMERSON SQUARE PHASE 1 OVERVIEW

• 2.34 acre site• 32 units• Contextual design • Mixed Income (30% AMI to

unrestricted)• 1, 2 and 3 bedroom units• Apartment sizes ranging from

712-1477 sf• Amenities

Leasing office on site New public park Community garden Energy Star rated

appliances Bike storage

Enterprise Green Communities certified

Conference room Dishwashers In-unit washer and dryers Landscaping New public street

PROJECTED UNIT MIX AND RENTS

# of # of # of Size EstimatedUnits BRs BTHs (Sq Ft) Rent

4 1 1.0 712 $287 – 830 18 2 1.0 1,098 $339 – 101810 3 2.0 1,477 $372 - 908

• Community Participation in Planning and Implementation

• Goal of 25% M/W/EBE and 10% Section 3 Business Concerns subcontracting

• Brinshore is committed to exceeding all hiring goals with Emerson Square

• Exploring opportunities to incorporate deconstruction

• Community Participation in Planning and Implementation

• Goal of 25% M/W/EBE and 10% Section 3 Business Concerns subcontracting

• Brinshore is committed to exceeding all hiring goals with Emerson Square

• Exploring opportunities to incorporate deconstruction

COMMUNITY PARTICIPATION & SHARING ECONOMIC BENEFITS

• On-site professional management by Leasing & Management Company, Inc.

• Leasing office on Foster Street with conference room

• Property Manager will also manage other LiveEvanston Rentals units with centralized property management office at Emerson Square.

• On-site professional management by Leasing & Management Company, Inc.

• Leasing office on Foster Street with conference room

• Property Manager will also manage other LiveEvanston Rentals units with centralized property management office at Emerson Square.

PROFESSIONAL ON-SITE PROPERTY MANAGEMENT

EMERSON SQUARE PHASE 1 RENDERING

TOWNHOUSES - DESIGN

6 FLATS - DESIGN

GREEN SPACES

PARK

COMMUNITY GARDENNEW STREET, SIDEWALK,

LANDSCAPING & STREET TREES

QUESTIONS