ECONOMIC DEVELOPMENT, FINANCE, AND REVITALIZATION
Woodward Garden Block Development
Woodward SA Ventures, LLC, Detroit, Michigan 2001 - 2013
Located in Midtown, Detroit, the Garden Block Development Project entailed a four-phase revitalization of an entire derelict block on Woodward Ave between Mack and Warren. The first phase consisted of the new construction a 302-space parking structure. Next, constructed in 1886, the 5,580 sf Blue Moon building was rehabilitated for commercial use with retail on the first floor and office space on the second floor. A new three-story 23,772 sq ft commercial building was also built on the site, abutting Blue Moon the south. Financing for the first two phases closed late 2008 and construction was completed in 2009. The third phase of the Woodward Garden Block Development involves the rehabilitation of the historic Garden Theater in collaboration with the new construction of 30,890 sq ft of commercial space spanning two stories. Finally, phase four entails the new construction of 17,200 sf of commercial space and 62 rental residential units. Financing for the third and forth phases closed in 2012 and construction is expected to be complete in late 2013. Zachary & Associates, Inc. conducted the economic structuring and all aspects of financing for the project. The funding package for the project included a Section 108 loan, FHA 221d(4) mortgage insurance, Michigan Business Tax Credits, a LISC construction loan, and a loan from the DEGC.
Vogue Theatre and Iron Works Building Feasibility Study
City of Manistee, Michigan 2010 - 2011
As part of a team led by the Urban Resource Alliance, Zachary and Associates, Inc. served as a financial and development consultant on an in-depth feasibility study for potential rehabilitation projects involving two historic buildings in Manistee, Michigan, the Vogue Theater and Iron Works Building. Primary contributions to the study included market-demand analysis, visioning, creation of an evaluation criteria matrix, evaluation and determination of the primary reuse strategy, and an economic impact study.
The Guardian Bank Building Feasibility Study
Northwest Detroit Neighborhood Development, Detroit, Michigan, 2004
Northwest Detroit Neighborhood Development purchased a vacant 1920s bank building in Detroit’s Brightmoor neighborhood and contracted Zachary and Associates, Inc. to examine the feasibility of the rehabilitation of the building. Zachary and Associates, Inc. prepared a study that evaluated the market’s demand for neighborhood-based commercial and human resource services that could potentially serve as a catalyst for further economic development initiatives which would advance the revitalization goals of the Brightmoor community. The firm held a focus group, conducted several surveys as a part of the study, and documented potential uses for the building. The results of the market analysis were used to assess the proposed redevelopment alternatives and make final development and financial recommendations for the rehabilitation of the Guardian Bank Building.
St. Joseph’s Mercy of Macomb Building Market Feasibility Study
St. Joseph’s Mercy of Macomb, Mt. Clemens, Michigan, 2003
The firm was retained by St. Joseph’s Mercy of Macomb (SJMM) to study the feasibility of the reuse and renovation of the oldest building on their East Facility site in Mt. Clemens, Michigan, and arguably, the most historic building in Mt. Clemens. The building was constructed in 1898 and had undergone several additions that ultimately created a campus of eight interconnected buildings. Zachary and Associates, Inc. surveyed and interviewed numerous individuals and directors of area businesses and organizations to evaluate alternative uses for the building. The firm identified five reuse concepts for the site that were based on recommendations from the Mt. Clemens’ Downtown Development Authority, local developers, local building owners, and research of comparable redevelopment projects. The five concepts were reviewed and two economically feasible development scenarios for the building, senior housing and a non-profit center, was identified. Because of the unique history and historic integrity of the SJMM building, spa services, conference space and banquet space were studied as complementary uses to the two main reuse concepts. Today SJMM is moving forward with the redevelopment of their East Facility site based on the research and recommendations made in this study.
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