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