Unified Property Groups’ Emerald Springs voted nation’s best overall
housing development and as the nation’s best family housing development
by Affordable Housing Finance magazine
Why was it voted the best in the country?
Emerald Springs, the new, affordable housing development in Detroit developed by Unified Property Group in partnership with the Detroit Housing Commission, has been voted as the nation’s best overall housing project in the country and selected best in the Family Development Category Affordable Housing Finance magazine, Readers’ Choice Awards.
It is the first time a Detroit affordable housing development has won a national award.
Unified Property Group, a leader in real estate planning and acquisitions, leveraged nearly $40 million in both public and private funding to construct Emerald Springs, a one-of-a-kind property on Detroit’s east side (on Charles between Buffalo and Mound: 5550 Charles Street). Unified is the leading developer of the finance team for the Detroit Housing Commission’s property. The finance team consists of:
· The U.S. Department of Housing and Urban Development (HUD)
· City of Detroit Departments of Public Works and Planning and Development
· The Michigan State Housing Development Authority
· Chase Bank
· AEGON USA Realty Advisors
The property, located at Charles Street and Mound Road, was chosen out of 140 nominations in nine categories across the country. Winners were selected by Affordable Housing Finance magazine and e-newsletter subscribers.
Magazine and e-newsletter subscribers voted for the winner in each category, as well as the overall top development. Winners were featured with extensive coverage in the November/December 2012 issue of the magazine and on the website www.housingfinance.com.
On Detroit’s east side, off Charles Street, once stood the Charles Terrace and Sojourner Truth Homes, one of the original properties of the Detroit Housing Commission. Built in 1941, the once iconic homes began to suffer from decline along with the rest of the city during the 1980s. By the late 1990s, much of the homes were demolished.
Emerald Springs, a brand new 25.24 acre neighborhood in Detroit, has raised the bar for affordable housing developments throughout the country. The neighborhood was designed to integrate seamlessly into the established community.
· Residents choose from a variety of floor plans, ranging from 2 to 4 bedrooms within single family, duplex, and town home style structures that will meet each individual’s budget and lifestyle. Some are wheelchair accessible. Emerald Springs has spacious floor plans ranging from 1,000 – 1,400 square feet with in-unit washer/dryers, master baths and walk-in closets, sidewalks throughout and private rear entry with parking.
· The site will have more than 206 public and affordable housing units. Phase I is completed and includes 158 two, three and four bedroom units. All completed units have been leased. Phase II, which includes 48 units, will be completed by first quarter 2014.
· The well-planned site and building designs include numerous “Green/New Urbanism” components in categories related to: neighborhood fabric, construction materials and recycling, landscape features, water conservation, and energy efficiency.
· Some of the common area amenities in the Carol A. Goss Community Center’s 5,000 square foot community building include a computer lab, exercise room, community room with fireplace and kitchen, and activities space. The outdoor amenities include multiple children’s playgrounds, open spaces for recreational activities or picnics and a walking trail around the perimeter of the large central open space.
· A fourth off-site phase consisting of 50 single-family rental homes will be constructed after the completion of the onsite development. The homes will be located within the surrounding neighborhood of the Emerald Springs development site. Although the new homes will initially be rented and financed through the Low Income Housing Track Credits (LIHTC) program, after the 15-year tax credit compliance period expires, the current resident will be given the option of purchasing the home. This will provide each tenant with an opportunity to own their own home.
About Unified Property Group
Unified Property Group has more than 30 years of experience in the real estate industry acquiring, developing, and managing multi-family, senior, and commercial properties. With properties throughout the Midwest and more than 1,500 employees, Unified Property Group has the expertise, strength and familiarity with markets needed to own and manage every type of real estate property. Their management portfolio currently includes more than 12,000 apartments including over 3,000 senior housing units. For more information, visit www.unifiedpropertygroup.com.