Provident Resources Group is once again partnering with the University of Illinois to develop the Grenshaw Street Parking Structure on the Chicago campus, following successful collaborations between 2019 and 2023. This $65.77 million public-private partnership will add approximately 1,050 structured parking spaces, including 200 EV-ready spots and 15 charging stations, to support the growing UI Health facilities. The project is set to enhance traffic flow and pedestrian safety through infrastructure upgrades and is scheduled for completion in August 2026.
Overview. After 3 successful projects between 2019 and 2023, Provident was once again selected in 2024 to partner with the University of Illinois for the University’s Grenshaw Street Parking Structure Project (“Project”) on its Chicago campus. The Project is planned to provide approximately 1,050 new spaces on 8 levels (ground plus 7 supporting levels), facilitate 2-way traffic flow and feature 90-degree parking stalls. The plan calls for at least 200 of the spaces to be EV ready and 15 to include charging stations.
The Grenshaw Street Parking Structure will be assigned to employees of nearby UIHealth facilities, including the Surgery Center financed through Provident Group – UIC Surgery Center LLC in 2020. Provident Group – UIC Grenshaw Parking Properties LLC, a newly formed SPE entered a long-term ground lease with the University System for the site.
Financing. The Project was financed through the issuance of $65,770,000in tax-exempt lease revenue bonds by the Illinois Finance Authority, along with a University contribution of $4.2 million, reaching financial close on January30, 2025. The bonds are secured by a Leasehold Mortgage on the project and are paid from lease payments made by the University. The bonds were initially rated “Aa2” by Moody’s. RBC Capital Markets served as the lead underwriter on the transaction.
Development. Hunt Companies and Lincoln Property Company partnered to develop the Project, with Turner Construction Company serving as GC. Completion of the Project is expected in August 2026.
