EMERSON SQUARE June 3, 2013 Presentation to the City of Evanston City Council Human Services Committee
Jun 26, 2015
EMERSON SQUARE
June 3, 2013
Presentation to the City of Evanston City Council Human Services Committee
BACKGROUND: EVANSTON NEIGHBORHOOD STABILIZATION PROGRAM 2 EFFORT
FOSTER ST
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Previous Use
EMERSON SQUARE
• 2.34 acre site
• 32 units
• New urbanist design
• Mixed Income (30% AMI to unrestricted)
• Five different housing types
• 1, 2 and 3 bedroom units
• Apartment sizes ranging from 836-1670 sf
• Amenities Leasing Office on site New public park Community garden Energy Star rated
appliances Bike storage
Conference room Dishwashers In-unit washer and dryers Landscaping New Street
EMERSON SQUARE
Development Summary
CASE STUDY: EMERSON SQUARE
Green Infrastructure and Buildings
CASE STUDY: EMERSON SQUARE
CASE STUDY: EMERSON SQUARE
CASE STUDY: EMERSON SQUARE
Green Infrastructure and Buildings
CASE STUDY: EMERSON SQUARE
Green Infrastructure and Buildings
CASE STUDY: EMERSON SQUARE
Green Infrastructure and Buildings
• Pre-leasing and marketing began in March 2013
• City of Evanston and other non-profit partners and service providers were notified of the projected commencement of lease-up prior to the beginning of pre-leasing in February 2013
• 95 people on an interested parties list maintained by the City of Evanston and Dundee Management, LLC were sent brochure, rental criteria and pre-application materials on March 1, 2013
• Website launched in March 2013
• Advertised in local and regional newspapers
Leasing Update
EMERSON SQUARE
• 32 units in project
• 7 set aside for Housing Authority of the County of Cook Project Based Section 8 Vouchers
• 4 units set aside for IHDA State Referral Network
• 298 pre-applications received (46% City of Evanston residents)
• 33 lease applications received (52% City of Evanston residents)
• 25 out of 32 units pre-leased (48% City of Evanston residents)
• Pre-leased units will not have executed leases until (i) the certificate of occupancy is received and (ii) the unit is turned over from construction and (iii) move-in date is confirmed.
• Move in expected to begin June 2013 and continue through summer, subject to pending HUD occupancy approval
EMERSON SQUARE
Leasing Update
− Acquisition - June 2012
− Demolition and Remediation – June – September 2012
− Construction Closing – October 2012
− Completion and Move-in
− 1610 and 1630 Foster – June 2013
− 1580 Foster and 1620 Foster – July/August 2013
− Park and New Ashland Avenue – September 2013
− Townhomes on new Ashland – September 2013
EMERSON SQUARE
Timeline
• Pre-application process
• Application process
• Tenant Screening Procedure
EMERSON SQUARE
Tenant Selection Process