Redevelopment of McKee Hall, Hostetter Hall, Dezendorf Hall
On February 7, 2024, a milestone was reached for Shimer Square, as the complex financing closed on the historical, adaptive-reuse redevelopment of McKee Hall/ Hostetter Hall and Dezendorf Hall was completed and finalized. This monumental achievement paves the way for the transformation of the McKee Hall/ Hostetter Hall and Dezendorf Halls to be historically redeveloped into 51 units of quality rental apartments, boasting a diverse mix of studio, one, two, and three-bedroom layouts. The units, ranging from 750 to 1,125 square feet, offer a diverse range of floor plans, catering to various living preferences and lifestyles. With total development costs surpassing $33.4 million, this endeavor represents a convergence of nine complex layers of financing sources, underscoring the depth of commitment from GROWTH and its esteemed development and transaction team. Years of diligent, behind-the-scenes effort have culminated in this achievement.
- Historic, adaptive reuse redevelopment effort
- $33.4 million total development costs
- Creation of 51 new, quality rental apartments
- Studio, 1, 2, and 3 bedroom apartments
- Ranging from 750- 1,125 square feet
- Construction Phase (2024): Construction will span throughout the entirety of 2024. Clean out of the sites is currently underway. The following phase will involve various stages of approved demolition within interior walls while preserving all historical elements, new construction of interior walls, preservation of approved historical elements, restoring exterior brick, rebuilding windows to maintain historical integrity, renovation, and infrastructure development.
- Completion and Residents Moving In (2025): Following the construction phase that spills into 2025, GROWTH foresees the completion of the redevelopment project and residents moving into the newly revitalized Shimer Square campus during the same year.
- One Bedroom
- Two Bedroom
- Three Bedroom
- 750 to 1,1,25 SF
- Community Room: serving as a central gathering space for residents, and can be utilized for various events and gatherings, including community meetings, celebrations, and special occasions.
- Activity Room: providing residents with a dedicated space for various recreational, social, and educational activities.
- Library/Reading Area: providing residents a designated space for quiet and focused reading and studying
- Community Garden: access for residents to grow their own fruits, vegetables, and herbs promoting healthier lifestyles, improved nutrition, and overall well-being
- Bike Racks: residents will be encouraged to be a part of a connected, bike-friendly campus culture
- Picnic Tables: for residents to use for outdoor dining, picnics, or barbecues
- Grills: offering residents the chance to cook and enjoy meals outdoors
- Walking Path Improvements: creating opportunities for residents to connect to different areas of the campus while promoting health, community engagement, and a greater connection within the beautiful Shimer Square campus.
"This project stands as a testament to the power of vision, perseverance, and collaboration. 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," remarked Brian Hollenback, President/CEO of GROWTH. "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."
- Brian Hollenback, President/CEO for Economic Growth Corporation
“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,” IHDA Executive Director Kristin Faust said. “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.”
- Kristin Faust, Executive Director for the Illinois Housing Development Authority
"As Mayor of Mount Carroll, 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,” stated Mayor Carl R. Bates, City of Mount Carroll. “The closing of financing for the historic redevelopment of McKee Hall/Hostetter 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."