JV Breaks Ground on Detroit Community
- Nov 22, 2019
A joint venture of The Roxbury Group, Invest Detroit, Capital Impact Partners and the Michigan Economic Development Corp. partnered with the city of Detroit to break ground on Parker Durand, a mixed-use development in Detroit’s Islandview/Greater Villages neighborhood.
The $22.5 million community is expected to comprise a total of 92 units as well as four retail spaces on the first floor. Funding for the project came from a variety of sources, including local, state and national government financing, philanthropy through the Strategic Neighborhood Fund, the Michigan Community Revitalization Program, the Michigan Strategic Fund in cooperation with the Michigan Economic Development Corp. and City of Detroit HOME funding through the Affordable Housing Leverage Fund.
The four-story development will be located at the northeast corner of Kercheval and Van Dyke streets. The majority of units are expected to feature one-bedroom layouts with sizes varying from 740 to 1,240 square feet. The project will bring more affordable housing opportunities to Detroit, as half of the total number of units will be rent restricted to those who earn 50–80 percent of area median income. Additionally, the development team will complete upgrades to streetscapes and the renovation of nearby Butzel Park.
Parker Durand is one of the several projects sponsored via the City of Detroit’s Strategic Neighborhood Fund, which aims to revitalize older commercial corridors across the metro.