Hunt Development Group, the division of El Paso-based Hunt Companies specializing in public-private partnerships (P3) and social infrastructure projects, and Lincoln Property Company (Lincoln), a global full-service real estate firm, have announced the financial close on a new structured parking facility and associated traffic infrastructure improvements for the University of Illinois Chicago (UIC).

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A rendering of the new UIC parking garage, being developed by Hunt Development Group and Lincoln Property Company to support UIC and UI Health's growth while improving accessibility and traffic flow on the West Campus. (Photo: Business Wire)

The project will deliver approximately 1,000 new structured parking spaces to support UI Health on the West Campus, addressing critical faculty and staff parking needs. Increased demand for parking in the area is driven by the ongoing expansion of UI Health facilities, including the 2022 opening of the UI Health Specialty Care Building, the permanent removal of parking spaces to accommodate the Drug Discovery and Cancer Research Pavilion, and the broader growth of hospital and clinic services.

Located at the intersection of Grenshaw Street and Wolcott Avenue, the project integrates both structured parking and traffic infrastructure improvements, including upgrades at the intersection of Taylor and Wood Streets to enhance traffic flow and safety.

“Hunt Development Group is proud to bring our P3 expertise to UIC in partnership with Lincoln to deliver this critical infrastructure project,” said Josh Smith, Senior Vice President of Public-Private Partnerships for Hunt Development Group. “This parking solution will directly support UI Health’s continued growth by providing essential access for faculty and staff while improving overall traffic conditions on the West Campus.”

This project marks the first time that Hunt Development Group and Lincoln have partnered together.

“Thoughtfully planned and well-executed infrastructure projects are a critical part of a thriving economic community. This collaborative project will solve an immediate parking issue and will ensure that UIC’s West Campus is positioned for future growth,” said Peter Kelly, Executive Vice President with Lincoln and market leader for the firm’s Midwest region. “We are pleased to partner with Hunt on this transformative and much-needed infrastructure project for the University. Together, we are committed to delivering a high-quality, efficient project that promotes safety and supports the long-term success of the University and the communities UIC serves."

The project has been structured as a public-private partnership, with Provident Resources Group serving as the tax-exempt ground lessee and owner of the facility. The development team also includes:

• Architect: Gensler
• General Contractor: Turner Construction Company
• Underwriter: RBC Capital Markets, LLC
• Operations & Maintenance: UIC Parking Services

About Hunt Development Group

Hunt Development Group has a proven track record of executing complex P3 projects that provide long-term value to institutions and communities. Hunt Companies is a family-owned principal investment firm founded in 1947 based in El Paso, TX with interests in the real estate, infrastructure and financial services sectors. As an owner operator with a strong investment platform and financial structuring expertise, Hunt develops lasting relationships to create value for its investors, clients, employees and communities. The company and its affiliates employ more than 9,600 people worldwide and are committed to promoting community growth and a sustainable future through their business practices, purpose driven investment and charitable giving.

For more information on Hunt Development Group and its portfolio of P3 infrastructure projects, please visit www.huntcompanies.com.

About Lincoln Property Company

Lincoln Property Company (“Lincoln”) is one of the largest private real estate firms in the United States. Offering a fully integrated platform of real estate services and innovative solutions to owners, investors, lenders and occupiers, Lincoln supports the entire real estate lifecycle across asset types, including office, life science, retail, industrial, data center, production studio, healthcare, government, universities, and mixed-used properties, throughout the United States, United Kingdom, and Europe. Lincoln’s combined management and leasing portfolio on behalf of institutional clients includes more than 562 million square feet of commercial space. In addition to providing third-party real estate services, Lincoln has completed over 164 million square feet of development since its inception in 1965 and has another $19.5 billion currently under construction or in the pipeline. For more information, visit: www.lpc.com.

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