Suburban developers UrbanStreet, Wingspan announce merger
Suburban development giants UrbanStreet Group and Wingspan Development Group announced this week they are combining forces in a deal that will bring together two firms behind more than $3 billion in projects.
Under the agreement, Schaumburg-based UrbanStreet — the firm behind the redevelopment of that suburb’s former Motorola campus — will take over future multifamily and mixed-use developments of Wingspan, an arm of the Mount Prospect-based Nicholas Family of Companies.
That will allow Wingspan to focus on expanding its commercial projects in the sports and entertainment, retail, industrial and land development arenas, company officials said in an announcement of the merger.
“By bringing together two highly complementary organizations, we're combining experienced professionals, proven processes and a robust pipeline of projects,” said Nick Papanicholas, Jr., CEO and managing director of Nicholas Family of Companies.
UrbanStreet and the Nicholas have collaborated on projects for more than a decade, including Veridian, the 225-acre mixed-use development on the Motorola campus in Schaumburg, and The 250 Residences, a 294-unit apartment building within The Clove project in Buffalo Grove.
The two organizations have delivered more than 7,500 multifamily units in 25 completed projects, representing more than $3 billion in combined development value, officials said.
“Over the years, we have built a strong relationship with Wingspan Development Group based on a shared commitment to quality, innovation and creating lasting value,” Bob Burk, co-founder and managing partner of UrbanStreet Group, said in the announcement.
According to Burk, two Wingspan employees will transition to UrbanStreet, but otherwise there will be no changes to ownership stakes or management structures for either entity. UrbanStreet will remain separate from the Nicholas umbrella of companies, and the alliance will not impact either firm’s current projects, partnerships, investment structure or financial commitments, officials said.
UrbanStreet recently unveiled plans to partner with Shorewood Development Group to build a 256-unit, six-story apartment building at Chase Plaza in Buffalo Grove.
szalusky@dailyherald.com