Developers: Detroit Housing Commission and Unified Property Group
Architect: Economides Architects
Major Funders: AEGON USA Realty Advisors; JPMorgan Chase; Michigan State Housing Development Authority; Michigan Economic Development Corp.; Department of Housing and Urban Development; Detroit Housing Commission; Detroit Department of Public Works; Detroit Planning and Development Department
Developers: Detroit Housing Commission and Unified Property Group
Architect: Economides Architects
Major Funders: AEGON USA Realty Advisors; JPMorgan Chase; Michigan State Housing Development Authority; Michigan Economic Development Corp.; Department of Housing and Urban Development; Detroit Housing Commission; Detroit Department of Public Works; Detroit Planning and Development Department
Emerald Springs is a new start in Detroit. Built by Unified Property Group and the Detroit Housing Commission (DHC), the $33.1 million project has risen on a 26-acre site where part of a World War II-era public housing project was demolished nearly 10 years ago. The initial phase has 158 units.
“It is a unique time for the city of Detroit,” says Brian Stoy, CEO of Unified Property. “We look at this project, as the DHC and Mayor Dave Bing do, as part of the city's revitalization.”
The developers built 11 different building types, including single-family homes, duplexes, and townhomes, to create a neighborhood feel. They also established new public streets, green spaces, and a community building. Seventy-five homes are public housing, and 16 units are reserved for special-needs residents.
Many doubted that Emerald Springs would get done. Its low-income housing tax credit reservation came at the height of the financial crisis. The large award, more than $29 million, was more than most investors wanted. And, the project was in hard-hit Detroit.
The team exchanged its 2009 reservation for 2010 credits in order to extend the placed-in-service deadline. It then secured AEGON USA Realty Advisors as its tax credit investor.
The development marks a fresh beginning for the city and DHC, which is transitioning back to local control after federal housing officials took over the agency in 2005.
