Originally called the Van Dyke @ Kercheval development when it was announced over a year ago, construction on the Parker Durand in the West Village will finally begin in the coming weeks.
That’s because the last piece of funding was recently secured—a $3.5 million loan from the Michigan Economic Development Corp. as part of its Michigan Community Revitalization Program, which seeks to foster redevelopment in “areas of historical disinvestment.”
The loan was officially approved for IDRE3 LLC and Kercheval Associates LLC, which, according to Crain’s Detroit Business, are both tied to Invest Detroit. The local funding organization has partnered with Detroit-based Roxbury Group on the development.
The four-story, 92,000-square-foot Parker Durant will be comprised of 92 apartments, ground-floor retail, and 80 concealed parking spots.
Half of the units have been deemed affordable for those making between 50 and 80 percent of the area median income. According to Crain’s, three of the four retail units will be reserved for local entrepreneurs, with the fourth likely being a bank or restaurant.
A number of funding streams were required to make this project happen. Capital Impact Partners invested $14 million. The developers also got a $5 million Neighborhood Enterprise Zone tax abatement from the city of Detroit, and $1.5 million from the federal government for affordable housing creation.