Develop Detroit is planning to construct 52 new houses and renovate 18 more in the North End neighborhood north of Midtown and west of Hamtramck and the Grandmont Rosedale neighborhood on the city’s northwest side. The multiphase project will begin with renovations next month and construction of new houses in August. Crain’s Detroit reports “all of the 70 new and rehabbed single-family homes will be for-sale units at a market rate of $100,000-$300,000, with 14 units reserved for affordable housing.”
Develop Detroit is a non-profit organization built to take on tough real estate projects in the neighborhoods of Detroit. It was based on the Gulf Coast Housing Partnership created to serve the real estate market of New Orleans after the devastation of Hurricane Katrina. While the city’s greater downtown area has seen an incredible rate of development in the past few years, the outer neighborhoods have largely been left on their own in terms of affordable real estate development. Develop Detroit has filled the gaps that larger development firms and corporations have not.
The project is receiving $2.2 million in New Markets Tax Credit equity from U.S. Bancorp Community Development Corp. and is supported by the Housing Partnership Network, JPMorgan Chase & Co., The Ford Foundation, and Kresge Foundation.
By Jared Hoffman
Research Associate, JMJ Phillip Group