Economic Growth Corporation

2024 Year in Review: A Look Back 🌟 On December 18, 2024, we gathered to reflect on the incredible strides we've made this year. For 40+ years, GROWTH has proudly served as a catalyst for economic vitality and housing development in underserved communities. . As we look back, we are proud to share the following highlights from 2024: ✨ $100 Million in combined #capital #raised to directly deploy into distressed communities—empowering neighborhoods, driving business growth, fueling economic development, and expanding housing opportunities. This includes: ✨ $50 Million Federal New Market Tax Credit Allocation Award by CDFI Fund ✨ $8.9 Million State New Market Tax Credit Allocation Award by the State of Nevada ✨$3 Million State New Market Tax Credit Allocation Award by the State of Kentucky . ✨ History-Making Redevelopment Underway: Shimer Square: Historic, adaptive-reuse redevelopment of a vacant former college campus. With $37 Million in development activity underway, including 51 new apartments, a childcare center, and a resource center. . 🏡 15 Employer Assisted Homebuyer Closings (Live-Work RI) providing $129,500 in downpayment and closing cost assistance to employees of DARI-member companies purchasing homes in Rock Island, IL 🏡225 Participants assisted with homebuyer education, financial literacy, and personal empowerment workshops. . None of this would be possible without the #trust and #support of our #partners, #stakeholders, and the #communities we serve. Thank you for being part of this journey and for inspiring us to keep striving toward greater impact. Here's to another year of transformation! . #CommunityDevelopment #Housing #EconomicGrowth #NewMarketsTaxCredit #AffordableHousing #WorkforceDevelopment #GROWTH #Impact

🧱Preserving History, Brick by Brick🧱 . Time weathers mortar, leaving buildings vulnerable to damage. That’s where the art and science of tuckpointing comes in. For historic properties at Shimer Square, precision is everything. . A heartfelt thank you to Otto Baum Company, Inc. for their expertise and meticulous craftsmanship, matching new mortar to the original texture, color, and composition, seamlessly blending repairs into the original design. This is no small effort! Their work also goes far beyond tuckpointing, ensuring no detail is overlooked. . This process honors the timeless craftsmanship of the past, paired with the expertise of today. . The time spent by the development team and the State Historic Consultant's involvement highlights the importance of tuckpointing in revitalization, ensuring alignment with the building’s original era and preserving its authenticity. . #shimersquare #historicpreservation #tuckpointing #buildingrestoration #Revitalization #craftsmanship #precision #excellence

🪟A Window to the Past and Future🪟 As you drive by Shimer Square, our historic, adaptive-reuse development in Mt. Carroll, IL, you might notice the windows are boarded up, but a lot is happening behind the scenes...💪https://lnkd.in/dqs9HuB . The experts at RENAISSANCE RESTORATION, INC. have been hard at work, carefully restoring each window off-site to original condition. Every window is cataloged and will be returned to its rightful place, restored to its full functionality — right down to the original cording that lets the windows open and close. 🌟 . 💡Think... the original glass that students and professors once looked out of is the very glass that residents of McKee and Hostetter Halls will peer through! What was once a view from a classroom or office is becoming a home for new generations, connecting the past with the future. The craftsmanship and attention to detail by RENAISSANCE RESTORATION, INC. is reviving the historic beauty of McKee and Hostetter Halls, and we cannot be more grateful for their incredible work. . #historyinthemaking #shimersquare #RestorationJourney #Preservation #restoration #Housing #RestorationExperts #adaptivereuse #futureresidents #BuildingTheFuture #historicrestoration #preservationandprogress

Walls are up at the Early Childhood Development Center and the footprint is officially taking shape—wow! Thanks to the teamwork of Economic Growth Corporation, Growth General Contracting, LLC, Baranski Hammer Moretta & Sheehy Architects & Planners, Galena Repair and Maintenance, and Dean James, we're on track. . If all goes as planned, completion is targeted summer 2025. From there, the operator will have to work to gain the necessary approvals to open and begin operations. . The $2 million new childcare center is just one piece of the puzzle, over $36 million of investment is in motion at Shimer Square! . #mixedusedevelopment #childcare #childcarecenter #families #childcareaccess #workforcedevelopment #newjobs #newchildcare #childcareopenings #Preservation #progress #historic

🌟 Exciting Progress at Shimer Square! 🌟 We at Economic Growth Corporation know that a strong development team is the backbone of any successful project, especially for a large historic, adaptive-reuse development like Shimer Square. We are incredibly grateful to have Estes Construction on board as our general contractor. Their commitment to keeping the project on schedule while ensuring the safety of our crews is invaluable. Together, we’re not just redeveloping structures; we’re creating new housing that will make new memories for many years to come! 💖 We’re grateful for an amazing development team Baranski Hammer Moretta & Sheehy Architects & Planners, architect; Yost Management Co as property manager and Applegate & Thorne-Thomsen, P.C. as legal counsel. #ShimerSquare #CommunityDevelopment #BuildingTheFuture #StrongDevelopmentTeam #CommunityDevelopment #historic #adaptivereuse #NonProfitDevelopment #SafetyFirst #TeamworkMakesTheDreamWork

As a HUD-approved housing counseling agency, GROWTH not only provides housing counseling services to prospective homebuyers but also provides free sessions as a proactive approach to avoid financial pitfalls. . Today, James Jones, HUD-certified housing counselor, presented Financial Empowerment tips to families as they prepare for the upcoming holiday season. The event provided an open forum for attendees to ask questions about budgeting and importance of credit. . #HUDapprovedhousingcounselingagency #empowerment #families #budgeting #financialliteracy #holidayseason #growwithGROWTH #coffeeandconversation

Today, Brian Hollenback had the privilege to present at the Illinois Main Street Conference with our session “Don’t Freak Out: Ebbs and Flows of Development and Innovative Resources.” The story took us back to our roots, our beginning, our history, and to where we are today. After 40+ years, one thing remains constant: the unwavering commitment and community support are the keys to successful redevelopment. Grit, sweat, tenacity, passion, commitment, and unwavering determination to never give up- it’s what all Main Street communities have. Its also what we have. We’re known to take on the tough projects. It’s both humbling and inspiring to reflect on what has been achieved, what’s underway, and the great things still to come. Sharing essential resources is key to driving successful redevelopment efforts, and Brian Hollenback delivered that message, all while sharing past experiences that could make anyone “freak out.” But with strong vision and leadership, anything is possible. Don’t give up! A big shoutout to all the Illinois Main Street communities, Board Members, coordinators, and volunteers— community commitment and support is the backbone of our efforts. Thank you for your hard work and dedication in making big things happen!

It was inspiring to reconnect with the passion and commitment that drive Illinois Main Street communities. From dedicated volunteers and small business owners to board members and coordinators, everyone is working hard to create positive change. Congratulations to Erik Reader and the Illinois Main Street team on an impactful conference and to all the awardees! . Special thanks to Lt. Governor Juliana Stratton and her office for engaging with attendees. She made a concerted effort to learn more about Economic Growth Corporation’s mission and development activities making a difference in communities across Illinois. Excited to share more about our work—stay tuned!

Work is progressing right on schedule for the transformation of the McKee/Hostetter and Dezendorf Halls! . With favorable weather, the photos show Estes Construction crews busy tuckpointing the east side and installing new shingles, while carefully restoring historic trim details to match the original architecture on McKee/Hostetter Hall. . This $33.4 million transformation will soon offer 51 studio, 1-, 2-, and 3-bedroom apartments, blending historic preservation with modern comfort. Ranging from 462 to 1,093 square feet, these units are part of a live-work initiative designed to provide quality, mixed-income housing for all. Residents across all income levels—from young professionals to families and retirees—will have an opportunity to call Shimer Square home: https://lnkd.in/gWpNU_af . #shimersquare #economicdevelopment #communitydevelopment #newhousingdevelopment #waitlist #summer2025 #historicpreservation #adaptivereuse #preservationandprogress

The Early Childhood Development Center is officially taking shape at Shimer Square! Today, we’re excited to see the concrete slab being poured—a major step forward in this $2 million development that’s been over two years in the making. . Growth General Contracting, LLC is leading the construction with @Galena Repair and Maintenance, with M&M Concrete, Inc. handling the concrete work. The development team includes Economic Growth Corporation as the developer, Baranski Hammer Moretta & Sheehy Architects & Planners as the project architect, Applegate & Thorne-Thomsen, P.C. as legal counsel, and Home Base Property Management, LLC as property manager. The Center will be operated by a licensed provider, with an announcement coming soon. . This effort began in 2022 when GROWTH was asked to pursue developing a childcare center at Shimer Square. It first began with a commitment to understanding the needs of local families. With the support by the City of Mount Carroll Illinois, a feasibility study by Triangle2 Solutions was conducted, reaching out to families within a 30-minute radius. . Hundreds of voices were heard—402 phone interviews and 130 online surveys—with overwhelming support: 80% of online respondents and 89% of phone respondents expressed interest in full-day childcare and preschool options at Shimer Square. View the executive summary here: https://lnkd.in/eJAZz2aR . This response was so successful due to the through the dedicated efforts of partners like the WEST CARROLL CUSD 314 SCHOOL DISTRICT, UNITED WAY OF NORTHWEST ILLINOIS INC, NW Illinois Economic Development, Mount Carroll Chamber and the City of Mount Carroll Illinois, who spread the word and encouraged families to participate. We’re grateful to 4-C (Community Coordinated Child Care, Inc.), SAL Community Services, and Birth to Five Illinois Region 8 for their ongoing support and expertise. . Today marks a visual confirmation of what is possible with many partners directing the vision in the same direction. . The project is expected to bring significant impact to the region: ⚒️supporting 22 construction jobs 🌟creating more than 25 permanent jobs 🧒offering over 60 new childcare openings 📆The center’s licensed operator will staff and coordinate the center’s opening in 2025. .#shimersquare #construction #investment #workforce #workforcedevelopment #earlychildhooddevelopment #communityinvestment #ChildcareSolutions #economicdevelopment #economicgrowth #communitypartnerships #Illinois #nwillinois #childcare #jobcreation