Posted Apr 19, 2018, 8:57 PM
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Registered User
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Join Date: May 2012
Location: Metropolitan Detroit
Posts: 712
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Quote:
Developer, nonprofit team to renovate southwest Detroit apartment complex
By ANNALISE FRANK
Crain's Detroit Business
April 19, 2018
-$9.7 million project could start as soon as fall
-SER Metro-Detroit aims to bridge gap between education and career for construction work
-Detroit-based Shelborne Development Corp. partners with SER
Pending funding approvals, the $9.7 million, 49-unit Broderick Manor project could start as soon as this fall. It "could be a game-changer" for SER's workforce development efforts, said Ann Leen, assistance vice president of youth services.
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The four-story apartment building at 1516 Vinewood St., built in the 1920s, was majority occupied until a series of fires in 2011 severely damaged its interior and roof, according to a March narrative on the project provided by Shelborne. The 45,000-square-foot building has since been gutted by looters and will require an extensive rehab, according to Shelborne.
A Shelborne entity, KSM Holdings LLC, purchased the property from Jet Dhaliwal in 2014 for approximately $125,000, according to the deed, and Shelborne founder and President Kathy Makino.
The finished product will have 49 units of 450-950 square feet — one- and two-bedroom apartments and studios, said Jill Ferrari, Shelborne CEO and partner. Around 45 percent will be "affordable" and the rest market-rate, but rental prices haven't yet been determined.
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http://www.crainsdetroit.com/article...roit-apartment
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