Construction can begin on an ambitious $33.4 million housing redevelopment at the historic old Shimer College – now known as Shimer Square – after Economic Growth Corporation closed the complex financing package needed to make it happen.
The Rock Island-based GROWTH said the Feb. 7 deal allowed it to reach what it called “a monumental milestone” in its effort to redevelop McKee Hall/Hosteter Hall and Dezendorf Hall within Shimer Square in Mount Carroll, Illinois.
“This achievement marks the official start in transforming McKee Hall/Hosteter Hall and Dezendorf Hall into 51 units of quality, affordable rental apartments, catering to various living preferences and lifestyles,” GROWTH said in a news release.
Costs for the total development are expected to surpass $33.4 million. That makes it the largest and most complex effort ever undertaken by GROWTH, the agency said. It brought together nine layers of financing. And is the result of behind-the-scenes effort and months of work to finalize and close on the transaction, the release said.
That commitment by GROWTH, leaders said, and its development and transaction team highlights the depth of their dedication to GROWTH’s mission.
“This project stands as a testament to the power of vision, perseverance, and collaboration,” GROWTH President & CEO Brian Hollenback said in the release. “These qualities are epitomized by our esteemed board of directors, whose steadfast support served as a cornerstone upon which the success of this endeavor was built.”
Project preserves history
He added: “We are proud to breathe new life into these historic buildings, preserving history and heritage while fostering progress. This milestone not only marks a significant achievement for GROWTH but also underscores the unwavering commitment made by many to preserve Shimer’s history while forging the campus ahead into a brighter future.”
GROWTH’s financing partners in this project include: American Bank & Trust, BankORION, Bridge Investment Community Development Corporation, City of Mount Carroll, Clocktower Tax Credits, IH Mississippi Valley Credit Union, Illinois Housing Development Authority (IHDA), R4 Capita, and Sauk Valley Bank.
“IHDA is proud to support this effort that will give a local landmark new life as quality, affordable rental housing for families and individuals in Carroll County,” Executive Director Kristin Faust said in the release. “Shimer Square is one of the first new housing developments the county has seen in over two decades, and it is a testament to the work of the Mount Carroll City Council, the Economic Growth Corporation and others who have been working for years to bring new housing and opportunity to the community.”
Mount Carroll Mayor Carl R. Bates added, “I feel fortunate to have a committed developer like GROWTH by our side throughout this transformative endeavor. Their unwavering dedication to preserving our history while driving progress forward is truly commendable.”
He said, “The closing of financing for the historic redevelopment of McKee Hall/Hosteter Hall and Dezendorf Hall at Shimer Square is a testament to their vision and perseverance. We are lucky to have GROWTH as a partner, ensuring that Shimer’s legacy thrives alongside its promising future.”
Estes general contractor
The development team consists of skilled professionals who will ensure the project’s execution from the planning to final completion. Members of the development team and their roles include:
- Economic Growth Corporation, developer.
- Applegate & Thorne-Thomsen, legal counsel.
- Estes Construction, general contractor.
- Baranski Hammer Moreta & Sheehy Architects & Planners, architect.
- Yost Property Management, property manager.
Construction is expected to go on throughout this year. That includes site cleanouts currently underway. Completion of the project and welcoming new residents will occur in 2025, GROWTH said.
Prospective residents are encouraged to join the waiting list to secure their place. The unit mix includes studio, one, two, and three-bedroom apartments, ranging from 750 to 1,125 square feet, catering to diverse needs. For more information here. Join the waitlist here.
Since launching the Shimer Square project GROWTH has remained committed to revitalizing the vacant former Shimer College campus and preserving the campus’ unique character, historical significance by creating a modern mixed-use development that honors its past.
With the assistance of a Rebuild Illinois grant, in 2023, construction began to enhance various facets of the campus.
