State and city leaders, developers, and the Islandview/Greater Villages community gathered to celebrate the grand opening of the Parker Durand, a new mixed-use building that brings 92 apartments — half of which are quality affordable housing — as part of the Strategic Neighborhood Fund Initiative.
Developed by Invest Detroit and The Roxbury Group in Detroit, the $22.5 million development at 8001 Kercheval offers 18 units at 50 percent area median income (AMI), 28 units at 80 percent AMI, and the remaining units are not to exceed 120 percent AMI.
As a result, a one-bedroom apartment will cost as little as $750 a month. Residents will have amenities such as an in-unit washer/dryer, granite countertops, stainless steel appliances, a rooftop deck and more.
“A couple of years ago, this corner of Kercheval and Van Dyke was just another empty lot along an under-developed commercial corridor. Today, it’s a gorgeous new building that will be home to Detroiters of all income levels along an attractive new city streetscape,” says Detroit Mayor Mike Duggan.
“This is how we are rebuilding our city as a place of beauty where any Detroiter can afford to live in any neighborhood they choose. I’d like to thank the Roxbury Group and our planning and housing departments for making this day possible.”
Parker Durand also offers opportunities for local small businesses with four first-floor retail spaces, two of which have already been leased to Faircloth Boutique, a women’s clothing-and-accessories store specializing in affordable and colorful clothing; and Konnected Fitness, a Black- and woman-owned fitness studio.
The 79,500-square-foot development will play a key role in beautifying Islandview/Greater Villages and enhancing the neighborhood fabric and walkability.
“By creating more equitable developments and more cohesive, inclusive neighborhoods, we are making Detroit a better place for all,” says Marcia Ventura, senior vice president at Invest Detroit. “This development is such a major addition to the Islandview/Greater Villages community, and we hope the project inspires other developers to join us in working through the SNF to build back our neighborhoods.”
The SNF is a $150 million private-public partnership administered by the nonprofit Invest Detroit and funded by six corporate funders and several philanthropic organizations. The SNF is dedicated to housing stabilization and improving parks, commercial corridors and streetscapes, as well as creating opportunity and equity for local developers and business owners of color.
Parker Durand is the latest SNF project in the neighborhood. A $7.8 million streetscape overhaul of Kercheval Avenue has improved walkability, added bike lanes and better parking options, and improved overall neighborhood beautification. Butzel Playfield will wrap up $1.4 million in park upgrades early this spring.
Butzel is getting new playgrounds, a Nature Imagination area, a walking loop, picnic and grilling areas, a sledding hill, drinking fountains, baseball diamond, and landscaping, including a corner entry plaza. Its picnic shelter, horseshoe pitch, and basketball court were renovated. In all, more than $10 million will be invested in the Islandview/Greater Villages neighborhood through the SNF.
Construction began on Parker Durand in December 2019 and was made possible in part through working with the city of Detroit’s Housing and Revitalization Department to secure $1.5 million in HOME funding.
Capital Impact Partners, another funder for this project, provided a $14 million senior loan, part of which was supported through the Capital Magnet Fund (CMF). The CMF is a program of the U.S. Department of the Treasury’s CDFI Fund, which provides grants to mission-based lenders to finance affordable-housing solutions and community revitalization efforts that benefit people of low incomes and communities nationwide.
Other partners who made the project possible include Invest Detroit, Local Initiative Support Coalition, and the Michigan Economic Development Corp., which provided a $3.5 million Michigan Community Revitalization Program grant.
“The Parker Durand is bringing vibrancy through the addition of new housing and space for small business to the West Village neighborhood of Detroit and serves as a promising sign of the continuing redevelopment of Detroit neighborhoods,” says Michele Wildman, senior vice president of community development at the MEDC.
“At MEDC, we are committed to supporting transformative projects that help create vibrant, resilient communities, while supporting our strong economic recovery statewide. We’re pleased to work with our partners to support this project and look forward to seeing the additional investment it will encourage in other Detroit neighborhoods.”