Emerson Squared Mixed-Income Rentals Open Wednesday

Apartment buildings, townhomes and a park have replaced a vacant industrial site at 1580 Foster St., where officials will hold a grand opening for the new 32-unit Emerson Square rental development Wednesday. 

The mixed-income development is one of several projects funded through an $18.15 grant from the Department of Housing and Urban Development (HUD). Evanston was one of 56 communities nationwide to receive funding under HUD’s Neighborhood Stabilization Program 2, which is designed to help stabilize neighborhoods that were most affected by the foreclosure crisis.

In addition to Emerson Square, the city is also using the grant money to buy and redevelop 100 foreclosed or abandoned homes in west and south Evanston, to be sold or rented at or below 120% of the median family income in the surrounding area. Northbrook-based Brinshore Development, LLC, has carried out the work on the foreclosed homes and on Emerson Square.

Designed by Pappageorge Haymes Partners, Ltd., the new development at Emerson Square includes townhomes and apartments, available to rent at a variety of income levels, and ranging in size from 712 to 1,477 square feet. Emerson Square also includes a new public park and community garden.

“We are happy to celebrate the opening of this wonderful project and we wish to thank all of our many partners who were instrumental in making this development happen.  Without them we would not have the beautiful new homes that line these streets,” Evanston Mayor Elizabeth Tisdahl said in a press release.  “Thoughtful planning and the diligence of those involved created a special place that residents are proud to call ‘home.’”

Along with federal financing through HUD, Emerson Square was also financed in part by several other public and private entities, according to the release. That includes state and federal tax credits through the Illinois Housing Development Authority, site acquisition and demolition costs from the city of Evanston, gap financing from the Federal Home Loan Bank of Chicago and loans from Chase and IFF.