Woodbridge Estates, a neighborhood notable for its Motown-themed street names, will see the construction of 46 apartments spread across 12 buildings this spring.
The Slavik Company, a partner in the development team, expects that the apartments will be ready for move-in by July 2014. This marks the sixth phase of construction for Woodbridge Estates, a development that broke ground in 2003 and began accepting its first residents in 2005.
The Woodbridge Estates construction will create more affordable housing in Midtown's southwest corner. The apartments will be reserved for residents who earn up to 60% of the area median income. Developers plan to offer the apartments with a lease-to-own option, says Eric Gold, vice president of the Slavik Company. After 15 years of leasing their apartments, residents will be offered the opportunity to purchase, per U.S. Housing and Urban Development approval.
"I think the income restrictions are perfect for companies hiring in Midtown and downtown Detroit, allowing those employees to live close to work," says Gold.
Woodbridge Estates currently consists of 281 rental units and 51 occupied single-family homes and townhouses. There is a broad mix of incomes within the neighborhood. In addition to the planned apartment construction, 16 single-family house lots remain available at Woodbridge Estates, with prices ranging from $215,000 for a three bedroom, 1,500 square foot home to $285,000 for a four bedroom, 2,200 square foot model. $75,000 in forgivable loans are available as a down payment for qualified buyers.
Woodbridge Estates is bounded by Canfield to the north, M-10 to the east, Martin Luther King, Jr. to the south, and Gibson to the west.
Woodbridge Farm, another Slavik development, runs directly adjacent to the west of Woodbridge Estates. Eight single-family house lots remain in that development. Gold says that these homes are being designed with the surrounding historic architecture in mind.
Source: Eric Gold, vice president of the Slavik Company
Writer: MJ Galbraith
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