Emerald Springs
EMERALD SPRINGS was originally constructed in 1974 and consisted of 39 buildings (224 units). Throughout its history the housing development property suffered from extensive structural problems, infrastructure deterioration and overdue maintenance. This resulted in the demolition, which commenced in the late 1990s, of all but 7 buildings (48 units).
DHC has entered in a Master Development Agreement with Midwest Capital Investments-Amwick Housing, LLC in September 2008. The developer will develop the rental residential units in three (3) phases. No less than 198 units will be reconstructed on the site consisting of 2, 3 & 4-bedrooms within 72 buildings. Phase IA and IB will consist of at least 158 units and Phase II at least 48 units. Site improvements will also include a Community Center for resident/community use.
A fourth off-site phase will be constructed after the completion of the onsite development. Offsite will consist of 50 single-family Scattered Site rental homes. The homes will consist of 3 or 4 bedrooms and 2 baths and will be located within the surrounding neighborhood of the development site. Site control will be obtained from City, County and State municipalities from their vacant land inventories.
Although, the new homes will initially be rented and financed through the LIHTC program, after the 15-year tax credit compliance period expires, the current resident will be given the option of purchasing the home they live in. This will provide each tenant with an opportunity at homeownership and will increase homeownership throughout the neighborhood.
Location:
Mound Road and Charles Street
(northeast Detroit)
Developer:
Midwest Capital Investments - Amwick Housing, LLC
Total Units
207 Rental Units
50 Homeownership Units
Summary Timeline
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Phase 1A and 1B Closing
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4th Quarter 2009
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Infrastructure:
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1st Quarter 2010
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Phase 1A and 1B Rental:
Construction Start:
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1st Quarter 2010
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First Unit Available:
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3rd Quarter 2010
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Construction End:
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2nd Quarter 2011
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Lease Up End:
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4th Quarter 2011
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Phase II Rental:
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In Planning Stage
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Phase III For-Sale:
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TBD
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Project Completion:
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TBD
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