Business Magazine: Method Development in Detroit Breaks Ground on Mansion Project in Brush Park

Method Development in Detroit Breaks Ground on Mansion Project in Brush Park

Detroit’s Method Development has broken ground on a $1.8-million project in Detroit’s Brush Park that will rehabilitate a mansion dating back to 1911. Originally a two-family home, the house will be turned into eight apartments expected to be complete by summer 2020.

Located at 304 Erskine St., the 8,000-square-foot house will include parking spaces for each unit. Two units will be studio apartments of 630-730 square feet, four will be one-bedroom apartments of 640-710 square feet, and two will be two-bedroom apartments of 970-1,130 square feet.

“We were really drawn to the idea of restoring a historic mansion in Brush Park,” says Amelia Patt Zamir, who co-founded Method in 2014 with Rakesh Lala. “It’s a great location because of the walkability of the neighborhood and new dining and retail amenities opening up just blocks away.

“This is a passion project for us. We worked hard during the design process to maximize every square inch of space and to build something truly special while maintaining the home’s historic characteristics.”

Of the apartments, six will be available at market-rate rent, or $1,400-$2,300 per month, while two will be affordable units with rental rates set in accordance with Michigan State Housing Development Authority income and rent limits for Wayne County.

“Tucked within many of the Motor City’s historic neighborhoods are numerous architectural gems that sit vacant and long forgotten,” says Lala. “We are truly honored and excited to have the opportunity to restore one of them.”

Method obtained construction financing through Opportunity Zone legislation created under the 2017 federal tax laws. Special tax deferments are available to investors who reinvest capital gains income into developments planned for designated low-income communities across the country.

The renovation is one of the first projects in Detroit to take advantage of the development designation. Method also secured a predevelopment loan from the Michigan Historic Preservation Network, which provides financial support for projects rehabilitating historic buildings in the state.

Integrity Building Group in Detroit is the contractor for the project, and Studio Detroit drew up the plans.

Method is also working on a $20 million mixed-use redevelopment project in Detroit’s Milwaukee Junction neighborhood and a ground-up multifamily development in Detroit’s Jefferson Chalmers neighborhood.

Source: Business Magazine