In 2023, Evanston’s Land Use Commission and the City Council voted approval of plans for a five-story, 60-unit subsidized housing development at 504-514 South Blvd that replaces four townhomes owned by the Housing Authority of Cook County (HACC) and a city-owned parking lot. Property plans include units with one to three bedrooms each. The five-story building will offer a home to households earning between 30% and 80% of the area median income (AMI), with three units designated at 30% AMI, 17 units at 60% AMI, 22 units at 80% AMI, and 18 units under the HACC’s Project-Based Voucher (PBV) program.
At that time Cleveland, Ohio, based PIRHL, LLC planned to develop, manage and own the project that was approved by the City Council in collaboration with the Housing Authority. However, since the approval several market factors have changed leading up to the ground-breaking and initiation of the project. The National Equity Fund, the primary investor in the development, requested a change in the ownership structure to satisfy some financial risks resulting from the significant changes in economic conditions.
In May 2025, the City Council authorized the restructuring of the general partnership, wherein HACC maintained 51% ownership and PIRHL held 49%. After the restructuring HACC becomes 100% owner of the general partnership until the investor member is admitted, which ultimately adds more security for the primary investor.
“This development aims to provide quality housing for families and address the urgent need for affordable options in one of Cook County’s most vibrant opportunity areas. The national and local economy have changed significantly over the years, but HACC is committed to ensuring this project comes to fruition for our residents,” says Executive Director Danita Childers.
As part of the ownership restructuring, HACC will remain the sole member of South Boulevard Shores Group LLC (SBSG), which will be the sole non-investor and managing member of South Boulevard Shores LLC (SBS). Although the Housing Authority will now be the sole developer, HACC will enter into a subdevelopment agreement with the developer PIRHL. Project development roles and responsibilities of HACC and PIRHL remain unchanged. HACC will continue to utilize PIHRL’s development experience, capability and capacity. The new arrangement will offer the Housing Authority some financial benefits, including a reallocation of certain fees and an increase in cash flow from the operation of the project.
The change in ownership provides the National Equity Fund and other stakeholders the benefit of HACC’s strong financial position. With the Housing Authority’s support, the original sources and terms of the project’s financing package are protected and the project remains viable despite economic conditions (such as tariffs and sourcing requirements) that are increasing the costs of the project.
As of June 10, 2025, the Housing Authority is participating in due diligence calls and weekly conversations to progress efficiently with all involved parties and to finalize the transaction ahead of the Fall season.
