Our History
We started with a simple, 16-unit building in 1975. Our dream was to create community jewels by nourishing tarnished properties and turning vacant land into thriving spaces. Though our ventures and management processes have grown more complex over the years, we've never wavered from our core belief in making the communities we serve a vital part of who we are.
1975-1985
 In 1975, Peter Holsten purchases a 16-unit apartment building at 4859 North St. Louis with the idea of rehabbing it as the start of a sideline profession. The $25,000 project was a dramatic success for the building and neighborhood, which was plagued with high vacancy rates. Over the next eight years Peter purchases several other buildings and establishes the financial and legal framework for the company.
Holsten adds its first professional employee in 1985, Matthew Roddy, to act as general contractor and share in the management responsibilities of the growing portfolio of buildings. Matthew opens the first Holsten office in a basement boiler room in a Holsten building with few windows.
In that same year, Peter leaves his career as a steel company executive to focus exclusively on the rehabilitation and management of his buildings. Holsten Real Estate Development, Holsten Management, and Holsten Property Rehab corporations are officially formed. Holsten moves to a more "luxurious" space, a two bedroom basement apartment.
1986-1995
Holsten purchases its first elevator building in 1986 located at 5718 North Winthrop, a seven story, 75-unit building.
In that same year, Peter and Matthew shift their focus to single room occupancy (SRO) buildings, which result in their becoming increasingly active in the Edgewater and Uptown communities. They also develop a concern for the transient nature of the SRO residents and seek ways to encourage longer-term tenancy. Peter and Matthew begin to build relationships with social service agencies and community organizations to improve the lives of their tenants. Holsten is asked to join the boards of numerous neighborhood and community organizations.
In 1988, Holsten takes on its first million dollar rehabilitation project: The Norman Apartments at 1325 West Wilson, which is converted from a transient apartment hotel to a newly rehabbed building with 153 apartments for low-income persons, many with special needs.
Holsten commences development of its first low-income housing tax credit project in 1989: The Sutherland Apartments at 4659 South Drexel Boulevard in partnership with Heartland Alliance.
In 1992, Holsten Management Corporation expands its expertise in building management to Newark, New Jersey and Los Angeles, California. Holsten moves its Chicago office to its current location, a third floor suite at 1333 N. Kingsbury.
Holsten completes a $10 million rehabilitation of the Midwest Apartments, formerly the Midwest Athletic Club, in 1995. This was a choice training location for Muhammad Ali and Sugar Ray Robinson. The 276-unit SRO is a designated historic landmark.
1996-Present
In 1996, Holsten Property Rehab Corporation renovates two derelict properties for its client, Bethel New Life. It is the first condominium project in West Garfield Park.
Holsten enters into the ten-layered financing of the Bryn Mawr and Belle Shore Apartments in 1997. The cost to rehabilitate the two historic buildings is $22.5 million and includes tax-exempt bonds, tax-increment financing, state funding, Federal Home Loan Bank grants, and historic and low-income housing tax credits.
In 1998, Holsten is awarded, in partnership with Kenard Corporation, the redevelopment of a seven-acre parcel on the city's Near North Side, adjacent to the Cabrini Green housing development. The development has become a national model for the transformation of public housing.
In that same year, Holsten expands its corporate leadership base. Three long-term employees are promoted to vice-president: Andreea Marvucic to VP of Finance, Monique Johnson to VP of Office Operations and Steve Johnson to VP of Field Operations. Matthew Roddy is made Executive Vice President of all Holsten Companies.
Holsten Development wins the prestigious "Outstanding For-Profit Real Estate Project Award" for its Midwest Apartment project in 1999. That same year, Holsten is approved to manage and redevelop the Hilliard Homes, a 710-unit public housing complex on the city's Near South Side. Similar to the company's approach to redeveloping the Cabrini Green site, Holsten works closely with the existing residents on job creation, transition strategies, and community building. Holsten Real Estate Development Corporation adds Linda Brace as Vice President of Development.
Holsten goes to Washington DC in 2000 to accept the prestigious National Preservation Award for the Belle Shore Apartments presented by The Secretary of Housing and Urban Development. Also in that same year, Holsten receives national media attention for North Town Village, its groundbreaking mixed-income development at Carbrini Green. Articles appear in Affordable Housing Finance, Chicago Tribune, Real Estate Chicago, Today's Chicago Woman, and U.S. News & World Report. The development also receives the coveted 2000 Mixed-Income Award from the Chicago Sun-Times, and the Business Leadership Award from the New City YMCA LEED Council. This award recognized the North Town Village development for its "visionary plan for creating an economically-integrated residential community as an innovative solution to public housing redevelopment."
North Town Village opens in 2001 amidst speeches from Mayor Daley, Housing and Planning Commissioners, and other city dignitaries. The development also gets a spotlight on CBS's 60 Minutes II. In that same year, Holsten expands its corporate space by annexing the adjoining office.
In 2002, Holsten Property Rehab Corporation concludes a historic windows rehabilitation of a former consulate building built in 1892. Also in 2002, a $3.5 million renovation begins of the Switching Station Lofts, the former Roentgen School, to accommodate low and moderate income artists.
Also in 2002, Jackie Taylor comes from the City of Chicago Planning Department to join Holsten as VP of Human Capital Development.
Holsten closes the first stage redevelopment of Hilliard Towers Apartments in 2002. Holsten is also selected for two new projects: Parkside of Old Town (with Kimball Hill Homes) and Wilson Yard. Holsten completes and prepares to open its first senior development at Hilliard Towers Apartments in 2003. Groundwork is also laid for the Parkside of Old Town and Wilson Yard projects. Also in 2003, the 24 unit Switching Station Lofts opens for Artspace Projects, Inc.
Holsten wins the 2003 Outstanding For-Profit Neighborhood Real Estate Project Award for North Town Village presented by the Local Initiatives Support Corporation (LISC).
In 2004, the Village of Riverdale selects Holsten Real Estate Development Corporation and Turnstone Development to redevelop the Pacesetter project. The second phase of the Hilliard Towers Apartments is underway in 2005. Construction is to be completed in fall of 2006. Parkside of Old Town is expected to close in the second quarter of 2006. Pacesetter, Phase I is expected to close in late fall of 2006. Holsten continues to seek other projects throughout Chicago and surrounding suburbs.
| 
Company
History
