Contact

For inquiries regarding rentals and home ownership opportunities in Detroit at Gardenview Woodbridge Estates and Cornerstone, please contact:

Patrice Jennings [ Manager ]
Email: pjennings@4premier.net or gardenviewestates@4premier.net
Call: (313) 582-9505

Provided RHG Services

Development Partner of Public Agencies

Summary

The current Revitalization Plan for Gardenview Estates contemplates the on-site construction of a total of 920 units, of which 496 are family rental units and 424 homeownership units. The plan also includes a Boys and Girls Club, NFL YET Center and a commercial center.

In 2006, RHG organized a team which,with Norstar Development USA of Buffalo, NY, successfully responded to an RFQ for the 496 unit rental developer position. Gardenview Estates Phase I, which closed in December 2008, consists of 96 units of family rental housing including:

  • 20 ACC/LIHTC units targeted to households up to 30% of the area median income (AMI)
  • 28 ACC/LIHTC units targeted to households up to 60% AMI
  • 37 LIHTC units targeted to households up to 60% AMI
  • 11 unrestricted market-rate units

Constructed on the former Herman Gardens public housing site, these two- and three-bedroom units will be configured in two-story townhouse, duplex and walls-up building types.

The unit mix includes 25 two-bedroom units and 71 three-bedroom units. Forty-eight of the total units will be public housing units receiving ACC subsidy with a unit mix of 11 two-bedroom units and 37 three-bedroom units.

The total development cost for Phase 1 is $20,291,938. The primary sources of funding for this phase are a $1.75 million tax-exempt loan from the Michigan State Housing Development Authority (MSHDA), approximately $6,731,560 in equity from the syndication of 4% tax credits, a total loan of $10,559,212 from federal sources including $2,240,761 of HOPE VI funds, $6,399,395 of Replacement Housing Factor funds, $781,556 of MROP, and $1,137,500 in demolition funds from the Detroit Housing Commission (DHC). Additional project sources include $1,175,166 from the syndication of Michigan Brownfield tax credits and $76,000 in HOME funds from MSHDA. Tax credits have been allocated for the next two phases.