Emerald Springs
Awards About Site Emerald Springs Charles Terrace, now known as Emerald Springs, was originally constructed in 1941 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). The remaining 48 units were demolished in April 2013. DHC entered into a Master Development Agreement with Midwest Capital Investments-Amwick Housing, LLC in September 2008, for the purpose of redevelopment of the Charles Terrace site. In 2009*, Phase IA and IB were awarded tax credits through the Michigan State Housing Development Authority for the new construction of 158 rental units (79 units each phase) of which 75 units were set aside as public housing units. In January 2011, DHC and Midwest entered into a Mixed Finance closing and construction on the 158 units commenced. In June 2012, construction and lease up were completed on all 158 units. In addition to rental units constructed, a community center, which also serves as the leasing office, was constructed as well. The state of the art building has two meeting rooms, a computer room, an exercise facility, kitchen, and outdoor play area. In March 2013, DHC and Midwest entered into a second Mixed Finance closing for the construction of Phase II, 48 rental units, of which 30 will be set aside as public housing units. As of December 2013, all units were fully constructed and ready for occupancy. All units in both phases are family sized units with two bathrooms, with one bathroom that opens into two bedrooms. All units are equipped with washer/dryers, central air, beautiful dark wood cabinetry, and sleek black appliances. The landscape is beautiful with tot lots throughout the site. Looking ahead, DHC and Midwest are working together to determine the feasibility of Phase III, an off-site development that will consist of up to 50 rental units of senior housing or family housing. Location: Mound Road and Charles Street (northeast Detroit)
Developer: Midwest Capital Investments-Amwick Housing LLC
Total Units 206 Rental Units (Phases IA, IB, and II) 50 Off-site rental housing
Summary Timeline Phase 1A and 1B Closing: 1/12/2011 Construction Start: March 3, 2011 First Unit Available: January 1, 2012 Construction End: May 31, 2012 Lease Up End: October 1, 2012 Phase II Closing: March 8, 2013 Construction Start: March 15, 2013 Construction Completion: June 2014 Lease Up/Close Out: December 24 |
|
