Vermilion Development

What Vermilion Development does

Vermilion Development is a Chicago-based real estate development company founded in 2011 by Dave Cocagne, operating three distinct platforms: market-rate residential (condominiums, apartments, and townhomes), affordable assisted living under the Silver Birch Living brand (where the company claims to be the largest developer of such communities in Indiana), and public-private partnerships producing catalytic mixed-use projects. The firm generates revenue by developing properties—mixed-use, residential, institutional, and senior living—and either selling them to institutional investors and REITs, managing them, or disposing of for-sale units directly to consumers. The go-to-market centers on direct engagement with municipalities, universities, and capital partners to structure layered financing deals combining public incentives (tax credits, historic preservation credits, state assistance programs) with conventional debt and equity. No proprietary technology platform underlies the business; value creation rests on deal structuring, entitlement navigation, design excellence, and relationship-driven access to public-sector opportunities.

The firm has developed $650 million in gross investment value across 22 projects totaling over 2 million square feet, primarily across Illinois, Indiana, Wisconsin, and Ohio. Notable completed and in-progress projects include Harper Court ($106M mixed-use, Hyde Park, anchored by University of Chicago), University of Illinois College of Engineering Academic Facility ($70M, LEED Platinum), Viridian on Sheridan ($38M, 100-unit apartments), Silver Birch of Hammond ($23.25M, 125-unit affordable assisted living), and 1617 Sherman ($95M, 309-unit multifamily, Madison, WI, expected 2026). Leadership holds credentials including CFA designation, MBAs from Wharton and Kellogg, NCARB architecture licensure, and LEED accreditation. Operating geographies are concentrated in the Midwest, with the Chicago headquarters at 151 North Franklin Street and a lean team of 1-10 employees that has been expanded with multiple senior hires in 2023-2025 to support a growing pipeline.

Name

Vermilion Development

Legal name

Vermilion Development

Website

https://vermiliondevelopment.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

1–10 employees

Short description

Vermilion Development is a Chicago-based real estate developer operating three platforms—market-rate residential, affordable assisted living (Silver Birch Living), and public-private partnerships—serving institutional investors, universities, and government entities across the Midwest.

Ownership category

akta.pro rank

Product category

Real Estate Development

NAICS

Land Subdivision (23721), Residential Building Construction (23611), Commercial and Institutional Building Construction (23622), New Multifamily Housing Construction (except For-Sale Builders) (236116)

SIC

Land Subdividers & Developers (No Cemeteries) (6552), General Bldg Contractors - Residential Bldgs (1520)

akta.pro primary industry

Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL)

akta.pro secondary industry

Residential Affordable Housing Development & Construction (IMAFABAI)

Keywords

• Mixed-use development
• Real estate development
• Affordable assisted living
• Public-private partnerships
• Multifamily residential

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Real Estate Development and Disposition: Vermilion Development generates revenue through developing properties and selling or disposing of them to institutional investors, REITs, or other buyers. Revenue is realized upon property sale or through long-term property management arrangements. The company structures complex financing deals with layered capital stacks involving public and private capital sources.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Vermilion Development is a Chicago-based real estate developer that originates, finances, and delivers mixed-use, residential, and affordable assisted living properties across the Midwest. The firm operates three development platforms—Market Rate Development (apartments, condominiums, townhomes), Silver Birch Living (affordable assisted living for low-income seniors), and Public-Private Partnerships (catalytic mixed-use projects with universities, cities, and state governments)—structuring complex layered capital stacks and completing projects from site selection through disposition to institutional investors.

Product overview

Vermilion Development operates as a Midwest-focused real estate development company with three core development platforms: Market Rate Development (tailored residential properties with modern design), Silver Birch Living (affordable assisted living communities, the largest developer of such communities in Indiana), and Public-Private Partnerships (catalytic mixed-use projects with public sector collaboration). The company has developed $650M in gross investment value across 2,035,669 square footage and 22 developments, serving markets in Illinois, Indiana, Ohio, and Wisconsin. Notable project brands include Viridian on Sheridan, Alcove Wicker Park, Silver Birch of Hammond, Silver Birch of Columbus, Harper Court, and 1617 Sherman.

Differentiator

Problem solved

Functional benefit

Brands

• Silver Birch Living: Affordable assisted living communities brand operated by Vermilion Development. The company claims to be the largest developer of affordable assisted living communities in Indiana with multiple Silver Birch properties across Indiana and expanding into Ohio.

Products and services

• Market Rate Development Tailored market-rate residential development platform featuring thoughtful design, curated amenities, and modern aesthetic. Projects include luxury multifamily apartments, for-sale condominiums, and townhomes in urban Midwest markets including Chicago and Madison.
• Silver Birch Living (Affordable Assisted Living) Affordable assisted living community brand for low-income seniors providing 125-residence communities with housekeeping, laundry, daily living assistance, library, hair salon, and fitness center, enabled by state assistance programs. Vermilion is the largest developer of affordable assisted living communities in Indiana under this brand.
• Public-Private Partnerships Catalytic mixed-use development platform executed in partnership with public sector entities including cities, universities, and state government agencies. Projects combine office, retail, hotel, parking, and residential components to drive neighborhood revitalization, including Harper Court in Hyde Park and multiple University of Illinois facilities.
• 1617 Sherman A 309-residence multifamily community on 8.5 acres in Madison, Wisconsin, featuring sustainable design, ample outdoor space, modern amenities, and views of downtown Madison, Tenney Park, and Lake Mendota.

Quantifiable outcome

• $650M gross investment value developed
• +4 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• University of ChicagocoreStrategic or Co-development Partner · 1 January 2000Long-term strategic partner on Harper Court mixed-use development, providing anchor 150,000 SF office tower and enabling catalytic neighborhood revitalization in Hyde Park. Also partner on Steven S. Wymer Hall ($110M, 100,000 SF) and College of Engineering Academic Facility ($70-75M, 150,000 SF) at University of Illinois.
• City of ChicagocoreStrategic or Co-development Partner · 1 January 2000Government partner initiating Harper Court project in 2000 and engaging community through Alderman Toni Preckwinkle-led workshops. Partnered on regulatory approvals, entitlements, and public financing mechanisms for mixed-use development.
• University of IllinoiscoreStrategic or Co-development PartnerMajor institutional partner on Steven S. Wymer Hall (targeting LEED BD+C NC Platinum, LEED Zero Energy with Military Axis Geothermal System and Solar PV) and College of Engineering Academic Facility (LEED BD+C NC Platinum with Bardeen Quadrangle Geothermal System). Multiple P3 projects totaling over $250M.
• State of IndianacoreStrategic or Co-development PartnerState government partner for affordable assisted living communities, providing state assistance programs that allow qualifying low-income seniors to live at Silver Birch communities. Partnership enables innovative financing model for affordable senior housing across Indiana.
• State of Illinois Historic Preservation OfficeminorStrategic or Co-development PartnerWorked with state preservation office to utilize financial incentives for historic rehabilitation projects, successfully rehabilitating over 18 properties with historic tax credits.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Lendlease: Global developer with a dedicated U.S. urban regeneration and P3 business (including large university and civic projects). Overlaps with Vermilion's institutional P3 platform, though Lendlease operates at materially larger scale and with a global balance sheet.

Emerging players

• Core Spaces: Chicago-based developer and operator of student housing and multifamily housing near major universities. Overlap with Vermilion's university P3 work (Wymer Hall, College of Engineering) on institutional higher-ed real estate delivery.
• Cedar Street Companies: Chicago-based boutique developer of mixed-use, multifamily, and hotel projects. Similar scale and Chicago focus to Vermilion with comparable mixed-use pipeline, though with more hospitality orientation.

Direct peers

• BRIDGE Housing: Nonprofit developer of affordable and mixed-income multifamily housing across the West Coast and select Midwest cities. Comparable in mission alignment on affordable and mixed-income residential product, with similar reliance on layered public/private financing.
• The John Buck Company: Chicago-based developer of Class A office, multifamily, and mixed-use properties. Comparable in Chicago focus and mixed-use orientation to Vermilion's Market Rate Development and P3 platforms.
• Magellan Development Group: Chicago-based developer known for Lakeshore East and large mixed-use towers. Comparable to Vermilion on multifamily and mixed-use product type, though at significantly higher unit counts and capital scale.
• Related Midwest: Chicago-based arm of The Related Companies, focused on large mixed-use, affordable, and market-rate residential developments. Direct peer on multifamily, mixed-use, and public-private partnership projects in Chicago.
• The NRP Group: Cleveland-based national developer of market-rate, affordable, and senior housing using LIHTC and state housing finance agency credits. Closest peer to the Silver Birch Living affordable assisted living platform and Vermilion's use of IHDA/WHEDA credits.
• Sterling Bay: Chicago-based developer of large-scale mixed-use, office, and life-science projects including Lincoln Yards and Fulton Market. Comparable to Vermilion's P3 and catalytic mixed-use work in Chicago, though Sterling Bay operates at a much larger scale.
• JDL Development: Chicago-based real estate developer focused on mixed-use, multifamily, and community-oriented development. Comparable in size, Chicago focus, and mixed-use orientation, though with less emphasis on assisted living.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/VermilionDevelopment
• Xx.com/vermiliondev
• LinkedInlinkedin.com/company/vermiliondevelopment

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vermilion Development