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
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