Orleans Landing under construction in Detroit
September 14, 2015 | McCormack Baron Salazar
McCormack Baron Salazar is pleased to announce the initial financial closing and start of construction of Orleans Landing in Detroit, MI. Located on just under eight acres, adjacent to the central business district of Detroit, Orleans Landing is a mixed-use community with 278 market rate apartments. The new community has variety of one- and two-bedroom homes, including flats, hybrid retail/lofts, and townhouses, all sustainably built to Enterprise Green Community criteria standards and Energy Star for Homes certified. The site is nestled between GM’s 10,000 employee Renaissance Center headquarters and Stroh Place, a 25-acre, mixed-use historic development. It is also located directly adjacent to the $135 million Detroit River Walk and the Dequindre Cut Greenway bike trail. With direct access to the riverfront, the community has expansive views of the river, of the Windsor, Canada skyline to the south and of downtown Detroit to the northwest.
The $65 million project was financed through conventional FHA 221 (d) 4 debt, a two-tier equity structure, and public funds. Partners and investors on the project include the Goldman Sachs Social Impact Fund, Community Capital Equity, LLC, Gershman Mortgage, the City of Detroit, the Economic Development Corporation of the City of Detroit, The Michigan Department of Environmental Quality, the U.S. Department of Housing and Urban Development, Invest Detroit, the Ford Foundation, the Kresge Foundation, Local Initiatives Support Corporation, the Community Foundation for Southeastern Michigan, and the Michigan Strategic Fund. The architect was Hamilton Anderson Associates, Inc. working with Urban Design Associates as the master planner. Other consultants on the project include: AKT Peerless; Slosky & Company; Giffels Webster Engineering LTD; Desai / Nasr Consulting Engineers; Potapa-Van Hoosear Engineering, Inc.; ETS Engineering, Inc. and Wiltec Technologies, Inc. The general contractor is O’Brien Edwards with Brinkman Constructors. McCormack Baron Management, Inc. will serve as the property manager.
For McCormack Baron Salazar, the interest and connection to Detroit is personal. Richard Baron, co-founder, chairman and CEO of McCormack Baron Salazar, has deep roots in his hometown of Detroit. His grandparents immigrated to Detroit from Russia and Poland and he grew up running errands for his grandmother’s woolens store – located ten blocks from the Orleans Landing site. Detroit gave Richard his first impression with what a thriving metropolis looks like and, as the city began to decline, his first experience with the toll of blight, disinvestment, segregation and neglect. Orleans Landing and the closing earlier this year on the Strathmore Hotel represent a true “full circle” for Richard and for the company. Detroit gave us Richard, and now we are honored to give Detroit McCormack Baron Salazar-style transformation and reinvestment.
Construction is projected to be completed in April of 2017.