Hunt & Lincoln Secure Financing for UIC P3 Parking Projec
Hunt Development Group, a division of El Paso-based Hunt Companies specializing in public-private partnerships (P3) and social infrastructure projects, along with Lincoln Property Company (Lincoln), a globally recognized full-service real estate firm, have successfully closed the financing for a new structured parking facility and associated traffic infrastructure improvements for the University of Illinois Chicago (UIC).
This milestone represents a significant step in addressing UIC’s parking and traffic infrastructure needs, particularly on the university’s West Campus.
Expanding Parking Capacity to Support UI Health Growth
The project will deliver approximately 1,000 new structured parking spaces, strategically designed to support UI Health facilities and services. The West Campus has been experiencing increased demand for parking due to the expansion of UI Health, including the 2022 opening of the UI Health Specialty Care Building and the permanent removal of existing parking spaces to make way for the Drug Discovery and Cancer Research Pavilion. The continued growth of UI Health’s hospital and clinic services has further emphasized the necessity of this infrastructure project.
Positioned at the intersection of Grenshaw Street and Wolcott Avenue, the project will integrate structured parking with critical traffic infrastructure enhancements. Planned upgrades at the intersection of Taylor and Wood Streets will help improve overall traffic flow and safety for both vehicles and pedestrians in the area.
Leadership Perspectives on the Project’s Impact
“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 marks the first collaboration between Hunt Development Group and Lincoln Property Company, a partnership that underscores the growing importance of public-private collaborations in higher education and healthcare infrastructure.
“Thoughtfully planned and well-executed infrastructure projects are a critical part of a thriving economic community,” said Peter Kelly, Executive Vice President of Lincoln and market leader for the firm’s Midwest region. “This collaborative project will solve an immediate parking issue while ensuring that UIC’s West Campus is positioned for future growth. 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.”
Public-Private Partnership (P3) Structure and Key Stakeholders
The project has been structured as a public-private partnership, a model increasingly used in large-scale infrastructure developments due to its efficiency and ability to leverage private investment for public benefit. Under this arrangement, Provident Resources Group will serve as the tax-exempt ground lessee and owner of the facility.
The development team includes:
- Architect: Gensler
- General Contractor: Turner Construction Company
- Underwriter: RBC Capital Markets, LLC
- Operations & Maintenance: UIC Parking Services
Each of these partners brings significant expertise to ensure the successful completion and long-term management of the project.
Hunt Development Group: Pioneering P3 Infrastructure
Hunt Development Group has established itself as a leader in executing complex P3 projects that provide long-term value to institutions and communities. As a division of Hunt Companies, a family-owned investment firm founded in 1947 and based in El Paso, TX, the company has built a strong reputation in the real estate, infrastructure, and financial services sectors. Hunt’s capabilities extend across development, investment, and financial structuring, ensuring that projects are not only successfully completed but also deliver lasting benefits.
Hunt Companies and its affiliates employ more than 9,600 people worldwide, demonstrating a commitment to strengthening communities through innovative infrastructure solutions.
Lincoln Property Company: A Leader in Real Estate Development and Management
Lincoln Property Company (“Lincoln”) is one of the largest and most established private real estate firms in the United States. The firm offers a fully integrated platform of real estate services and innovative solutions tailored to owners, investors, lenders, and occupiers. With a diverse portfolio spanning office, life sciences, retail, industrial, data centers, production studios, healthcare, government, universities, and mixed-use developments, Lincoln has made a significant impact on the built environment.
Lincoln’s combined management and leasing portfolio for institutional clients includes over 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. The firm currently has another $19.5 billion in active development projects, reinforcing its position as a major player in real estate and infrastructure development.
