Work begins on first, 30-unit phase of Silvercup Condominiums on East Side

Construction has begun on the first six units of the Silvercup Condominiums located at the former site of the Silvercup Bakery at Chene and Hendricks. The initial phase of the development, which consists of 30 units, is being financed by the Detroit Investment Fund (DIF) and LaSalle Bank.

More units will be built as units are sold. The DIF’s Dave Blaskiewicz estimates absorption at a rate of approximately two a month, meaning phase one completion in just over a year.

The development includes four-unit ranch-style stacked and 2-unit duplex condominiums ranging in size from 1,170 to 2,016 square feet. Blaskiewicz characterizes the units as “affordable market-rate,” priced at $150,000 to $240,000 each.

As for the relatively unique stacked model of housing, Blaskiewicz says, “I think developers are adapting to the marketplace. They are getting more creative with some of the products, making sure that it pairs up with the marketplace. And, with the style of housing, they are customizing it to specific lot pieces.” Stacked units are also being planned for the far east side.

Silvercup JV is a partnership between St. Paul CDC, Ferrari Investments and DPG Silvercup. The St. Paul arm of the team offers credit enhancement and homeownership classes to potential buyers.

The entire project will eventually consist of 86 units on the six-acre site. Blaskiewicz anticipates that, once the first phase is near completion, his organization will help the developer, Silvercup JV, LLC “get financing in place for the second phase. We really like the product and the project.”

Source: Dave Blaskiewicz, DIF

Enjoy this story? Sign up for free solutions-based reporting in your inbox each week.