Challenge

The project will consist of a combination of demolition, renovation and new construction in the North Shore suburbs of Chicago, and Crane, Ind. The areas include Forrestal Village, Halsey Village and Nimitz Village, three adjacent neighborhoods in North Chicago; Fort Sheridan in Highland Park and Highwood; Glenview; and the Naval Surface Warfare Center housing area in Crane.

“We’re looking at 1,658 units. There will be 1,100 in North Chicago, 284 in Fort Sheridan, 250 in Glenview and 24 in Crane,” said Senior Vice President of Forest City Military Communities John Ehle.

Out of the 1,658, 750 will be brand-new three- and four-bedroom homes, offering the desirable amenities found with private sector homes.

According to John, a PPV is a vehicle for the military to partner with the private equity market in order to acquire housing.

“In this case, the Navy needed new family housing, but didn’t have the budget for a project of this magnitude. This partnership is a means for the Navy to effectively increase its budget without requiring additional appropriated funds from the government. By partnering with Forest City, the Navy can tap into the private equity markets to get the new housing its families deserve faster, easier and at an affordable cost,” said John.