UrbanStreet Group and Wingspan Development Group have completed a merger that will shift Wingspan’s future multifamily and mixed-use development pipeline to UrbanStreet, the companies announced.
Under the new structure, UrbanStreet will lead multifamily development, while Wingspan will focus its development efforts on commercial sectors, including sports and entertainment, retail, industrial and land development.
Wingspan’s future involvement in multifamily development, excluding projects already underway, will focus on investment and third-party construction services.
Nicholas & Associates, the general contracting arm of Nicholas Family of Companies, will continue providing construction services for multifamily projects under the alliance in Illinois, Florida and Wisconsin, as well as additional markets when feasible.
The companies have worked together for more than a decade on projects including Veridian in Schaumburg, The 250 in Buffalo Grove and The Residences at Sawmill Station in Morton Grove.
Together, UrbanStreet and Nicholas Family of Companies have delivered more than 7,500 multifamily units across 25 completed projects, representing more than $3 billion in combined development value, according to the companies.
Two Wingspan employees will transition to UrbanStreet and continue supporting the relationship between the two organizations. There will be no changes to ownership stakes or management structures for either company. UrbanStreet will remain separate from the Nicholas Family of Companies.
The companies said the merger will not affect current projects, partnerships, investment structures or financial commitments.
“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,” said Bob Burk, co-founder and managing partner of UrbanStreet Group. “This next chapter allows us to build on that foundation, leverage our collective expertise and pursue new opportunities that benefit our partners, investors and the communities we serve. We look forward to continuing to grow our track record of successful multifamily and mixed-used developments as we expand our platform.”