Two of Chicagoland’s most active development firms with national reach announced today that they have completed a merger that will position both firms for accelerated growth: UrbanStreet Group and Wingspan Development Group, a national development arm of Nicholas Family of Companies (NFOC).

Wingspan will transition its future pipeline of multifamily and mixed-use developments to UrbanStreet so the firm can focus on its continued rapid expansion in commercial sectors such as sports and entertainment venues, retail, industrial and land development. UrbanStreet will be leading multifamily development efforts and Nicholas & Associates, the general contracting arm of NFOC, will continue to provide construction services for any multifamily projects that fall under the alliance in Illinois, Florida and Wisconsin, as well as additional markets when feasible. Excluding projects currently underway in its portfolio, Wingspan’s future involvement in multifamily will focus on investment and third-party construction services.

“Over the past five years, opportunities have presented themselves that have allowed us to expand our project portfolio by working in commercial real estate sectors like sports and entertainment, industrial and retail,” said Nick Papanicholas, Jr., chief executive officer and managing director of Nicholas Family of Companies. “When the idea surfaced to work with UrbanStreet in a way that would allow each firm to play to their strengths and sharpen their focus on certain sectors, we knew this was another great opportunity to build on our family of companies’ momentum.

“By bringing together two highly complementary organizations, we’re combining experienced professionals, proven processes and a robust pipeline of projects,” continued Papanicholas.

UrbanStreet Group and NFOC have collaborated for more than a decade on a range of projects, including Veridian, a 225-acre mixed-use development in Schaumburg, Ill.; The 250, a 294-unit apartment anchor in a 22-acre mixed-use redevelopment project in Buffalo Grove, Ill.; and The Residences at Sawmill Station, a 250-unit apartment anchor in a 26-acre mixed-use lifestyle development in Morton Grove, Ill., among other developments. Together, the two organizations have delivered more than 7,500 multifamily units across 25 completed projects, representing more than $3 billion in combined development value.

“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.”

According to Burk, two Wingspan Development Group employees will transition to UrbanStreet Group while continuing to help bridge the two organizations and support the partnership. There will be no changes to ownership stakes or management structures for either entity. UrbanStreet Group will remain separate from the NFOC umbrella of companies.

The alliance will not impact either firm’s current projects, partnerships, investment structures or financial commitments. Wingspan Capital will continue to grow as a resource for capital formation and investor relations across both Wingspan Development Group and UrbanStreet Group. By aligning fundraising efforts and investor engagement strategies, both firms will enrich their access to investment opportunities across multiple asset classes and development verticals.

“Together, our enhanced platform will provide investors with greater diversification opportunities, increased deal flow and access to projects across a larger geographic footprint,” noted Papanicholas. “By combining our resources and expertise, we can create new avenues for participation while continuing to deliver projects efficiently and maintain the high standards our investors have come to expect.”

Burk from UrbanStreet Group echoed that sentiment: “This expanded platform strengthens our ability to serve our own investors and partners as well, giving them access to a broader pipeline of high-quality multifamily and mixed-use opportunities across new markets.”

About Nicholas Family of Companies:

The Nicholas Family of Companies is a second-generation, family-owned and -operated organization headquartered in Mount Prospect, Ill., with additional offices in Indiana, Florida, and Wisconsin. Wingspan Development Group is part of the distinctly different and deliberately personal Family of Companies. To learn more, visit nicholasfoc.com.

About Wingspan Development Group:

Wingspan Development Group is a nimble national real estate organization. Through its strategic alliance with UrbanStreet Group, Wingspan Development Group is transitioning its focus from multifamily and mixed-use to sports and entertainment venues, retail, land and industrial development. The firm also remains active in the multifamily sector through construction services and investment opportunities. With in-house construction capabilities and a strong network of industry relationships across Illinois, Florida and Wisconsin, Wingspan Development Group delivers high-quality projects on time and within budget. To learn more, visit wingspandev.com.

About UrbanStreet Group:

Founded in 1996 and headquartered in Schaumburg, Ill., UrbanStreet Group is a national full-service real estate development and investment firm specializing in multifamily, mixed-use, retail and master-planned communities. Led by executives with decades of experience across all facets of real estate development, including construction, finance, law and property management, the firm is committed to creating long-term value for partners, investors and the communities it serves. Through a disciplined approach to development and a relationship-driven philosophy, UrbanStreet Group delivers thoughtfully designed projects that combine innovative ideas with proven execution. To learn more, visit urbanstreetgroup.com.

About Nicholas & Associates:

Founded in 1978, Nicholas & Associates is a comprehensive construction management firm providing design/build and general contracting services for projects in the residential, recreation, education, municipal and mixed-use sectors. The family-run firm transforms visions to build environments with a personal approach, making it “distinctly different and deliberately personal.” Nicholas & Associates has offices in the Chicago area, Tampa and Milwaukee and is expanding into Indiana, building a growing national portfolio of projects. To learn more, visit nicholasquality.com.