Parker Durand/Van Dyke & Kercheval
Location: Detroit, Michigan
Closing Date: February 5, 2021
Project Description & Impact: New construction of a mixed-use, mixed-income project including commerical space, multifamily rentals and parking
Client: Capital Impact Partners
Financing Tools Used: $14 million senior loan, Capital Impact’s 2016 Capital Magnet Fund grant, HOME Funds, MSF loan, subordinate debt, Brownfield incentives, tax abatements.
The Story Behind this Project
The project will activate an entire city block of mostly vacant land at the intersection of Van Dyke and Kercheval, constructing a mixed-use, mixed-income project located in Detroit’s West Village neighborhood. The proposed new building will be approximately 92,000 square feet, including 6,225 square feet of ground floor commercial space, 92 multifamily rental units spread across three upper floors, and 80 surface parking spaces in a securing lot.
All of the residential units will be offered at less than 120% of the Area Median Income (AMI, $68,160); 46 of the residential units will be offered at less than 80% of the AMI ($45,440); and 19 of the residential units will be offered at less than 50% of the AMI ($28,400). The commercial space is expected to be anchored by a neighborhood restaurant and will also offer three smaller spaces for local retailers.
