$22.5M New Construction Project
46 Affordable Housing Units
Islandview/Greater Villages neighborhood
Pictured: Marcia Ventura of Invest Detroit and James Van Dyke of The Roxbury Group
Supporting projects that intentionally provide opportunities for a range of income-levels is a priority for Invest Detroit. That is why we were excited to work with The Roxbury Group to begin construction on the Parker Durand—a $22.5M mixed-use, mixed-income new construction project that creates first-floor retail and 92 apartments, half of which have varying levels of affordability. Officially announced in November, it joins The Coe down the street as one of two original projects in the neighborhood identified as part of the Strategic Neighborhood Fund (SNF), a public-private-philanthropic effort between Invest Detroit, the City of Detroit, and others to focus investment in 10 neighborhoods.
Resident engagement is a key component of our construction projects, and the Parker Durand was no exception. Twelve different local neighborhood groups and organizations offered input that helped shape the affordability levels and retail curation. The site itself required land assembly of 11 different properties along both Kercheval and Van Dyke. The funding needed a number of partners—including Capital Impact Partners’ use of Capital Magnet Funds in participation with Local Initiatives Support Corporation, the Michigan Economic Development Corporation’s Community Revitalization Program, and the Affordable Housing Leverage Fund’s HOME dollars managed by the City of Detroit. All of this was ably led by our development partner, The Roxbury Group, long-time Detroit developers of projects throughout the city.