Construction on Parker Durand, a $22.5-million, four-story, 92-unit mixed use development at the northeast corner of Kercheval and Van Dyke in the Islandview/Greater Villages neighborhood in Detroit, commenced today.
The development is backed by the Roxbury Group, Invest Detroit, Capital Impact Partners, Michigan Economic Development Corp. (MEDC), and the City of Detroit’s Strategic Neighborhood Fund (SNF). Once complete, residents will be offered market-rate and rent-restricted units — at varying levels of affordability — and four retail spaces.
“As Detroit continues its turnaround, it is essential to keep serving those who have been here and stayed in Detroit,” says Donald Rencher, director of the city’s Housing and Revitalization Department. “This department and administration are committed to inclusive development that ensures all Detroiters are included and benefit from projects like Parker Durand.”
The development will include 83 one-bedroom units and nine two-bedroom units, which will range in size from 740 to 1,240 square feet – half of which will be affordable. 20 percent of the units will be affordable at 50 percent of the area median income (AMI) and 30 percent at 80 percent AMI. The four retail spaces on the first floor will be prioritized for locally owned businesses that provide those goods and services that neighborhood residents identified as a need during the city of Detroit’s community planning process.
The project will be financed through a collaboration of local, state and national government funding, philanthropy through the SNF, and a Capital Magnet Fund grant being utilized by Capital Impact. Additional funding for this West Village project will come from the Michigan Community Revitalization Program, an incentive program available from the Michigan Strategic Fund in cooperation with the MEDC, and City of Detroit HOME funding through the Affordable Housing Leverage Fund.
“Capital Impact strives to increase density, vitality, and economic activity in Detroit neighborhoods from commercial corridors to cluster investments,” says Ian Wiesner, director of business development at Capital Impact Partners. “The Parker Durand not only brings together all these objectives but amplifies those social impacts that are important in achieving a more inclusive and equitable community.”
Combined with other neighborhood improvements through the SNF, such as streetscape enhancements and the renovation of nearby Butzel Park, this development aims to reactivate a primarily commercial corridor in the neighborhood — a key component of the SNF.
“In addition to improved streetscapes, parks, and single-family housing, revitalizing commercial corridors in neighborhoods helps to increase walkability and safety, while ensuring residents have accessible goods and services to improve their quality of life,” says Dave Blaszkiewicz, president and CEO of Invest Detroit, fiduciary and the city’s strategic partner for SNF. “Beyond creating construction jobs, the small businesses that occupy the retail spaces will mean local job opportunities for residents. For us, this project is a win on many levels.”