Cornerstone
Awards About Site Cornerstone Scripps Park Associates, LLC (“SPA”), a development team comprised of Herbert J. Strather of Detroit, MI, the Slavik Company of Bingham Farms, MI, the Rosenberg Housing Group, Inc. of New York City and Washington, D.C., and Premier Property Management of Detroit. This team has been assembled to redevelop Cornerstone Estates (formerly Jeffries East) in Detroit as an “off-site” component of Woodbridge Estates (‘WBE”). These units are being constructed under the HUD sponsored HOPE VI Revitalization Program, administered by the Detroit Housing Commission (“DHC”). The Cornerstone Estates development site is located on the east side of the John C. Lodge Freeway, just south of Martin Luther King, Jr. Boulevard in the Cass Park District. The former Jeffries East public housing project that was on the site has been completely demolished. The site has been redeveloped by SPA with low-rise, new construction affordable units and landscaped open space. Cornerstone Estates is a 180-unit mixed-income affordable housing rental development. This is a substantial reduction in density from the approximately 260-plus units formerly on the property. The new site configuration is designed to fit seamlessly into the fabric of the surrounding neighborhoods to the east and north of the site. The redeveloped site includes all new infrastructure and is planned to flow generally from north to south. The Subject Property: Cornerstone Estates formerly the Jeffries East housing project Location (Midtown) Martin Luther King Avenue (north), J. C. Lodge Freeway (west), Temple Street (south) and Fourth Street (east) Type of Project The multi-phase (I, II, and III) project will total 180 rental units of which 138 of the units will be tax credit-eligible and public housing (ACC)-assisted, and 42 of the units will be tax credit eligible and non-ACC assisted. Cornerstone Estates is an all low-rise new construction project with approximately 30 buildings, consisting of duplexes and townhomes. In addition, the development site includes a community and leasing building. Developer Scripps Park Associates (“SPA”) Total Units 1 Bedrooms 4 2 Bedrooms 90 3 Bedrooms 67 4 Bedrooms 19 Total 180
The units are limited to households earning not more than 60% of Area Median Income (“AMI”), or $42,600 for a family of four in Wayne County. Public housing-assisted units are expected to rent to households making far less than the 60 % stated maximum, and indeed less than the 30% maximum mandated by DHC. Unassisted units are expected to rent mainly to households earning between 30-60% of AMI. Residents displaced from the former Jeffries East project will be permitted to return to the new rental development; but the households must be in good standing with DHC, and must demonstrate good faith efforts to achieve self-sufficiency, specifically employment or enrollment in educational programs. Summary Timeline Infrastructure Start: June 2010 Phase I, II, III Rental Closing: June 2010, July 2010 and October 2011 Rental Construction Start: October 2010 First Unit Available: September 2011 Construction End (Last Phase): November 2012 Lease Up End: January 2013 |
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