Detroit confirmed for 138-unit senior housing development

A 100% affordable assisted living facility has been confirmed for Detroit’s Russell Woods Nardin Park neighborhood. The building, a distressed 138-unit former senior housing facility, is being redeveloped as an affordable assisted living facility to fill the City’s shortage in senior living. The developers, a collaboration between Icon Heritage Partners and Jackson Land Holding Company, say that the Russell Woods Nardin Park neighborhood presents great momentum to activate this underinvested neighborhood with new developments.

“We’re excited to be among one of the first major residential developments coming to the Nardin Park neighborhood, and we have been meeting with the City’s Planning & Development department to align this project with the larger needs in the community,” shares Fabiola Fleuranvil, one of the developers on the project. “America’s population is aging and in Detroit, more than 15 percent of its residents are age 60 and older. Without this and future developments in the City’s senior housing infrastructure, Detroit will not be prepared to meet the growing needs of senior residents.”

In what’s slated to be an 18 to 21-month development timeline, on-site amenities of the 138-unit building will include an Adult Day Care, a commercial kitchen and dining room, gym and wellness room, computer lab with wifi enabled throughout, and an entertainment room. Additionally, the design includes a state-of-the art ventilator system to exhaust air properly so that airborne viruses are not spread to other occupants.

The project’s affordability will be at or below 60% of AMI for the City and will largely rely on a capital stack that includes Low Income Housing Tax Credits (LIHTC), tax exempt bond financing, HOME Funds, and other subsidies and debt in order to remain 100% affordable for the residents. With a rough estimate of 40% of the City’s Section 8 voucher holders being seniors, the facility will combine the vouchers with Medicaid waivers to support the cost to residents.

The developers state that their vision for the Russell Woods Nardin Park neighborhood is far greater than this initial project. The City is currently in the midst of a $3 million streetscape project committed for the area, and the neighborhood also aligns with the City’s Strategic Neighborhood Fund. The developers say that they are collaborating with the City to address the blight in the neighborhood and reactivate its commercial corridors with other development projects.

Icon Heritage Partners
1001 Woodward Ave
Detroit, MI 48226

Icon Heritage Partners is a vertically integrated real estate development, investment, capital, and property management company with a mission towards equitable development.

This release was published on openPR.