Company name

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Greatwater Opportunity Capital (El Tovar - 320 E Grand Blvd)

Location of Company

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Detroit

Name(s) of the developer. This would include the lead developer, architect, contractor and any community engagement leads.

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Greatwater Opportunity Capital (Developer), Holcomb Development Corporation (Design Build Contractor)

Is the development company a woman or minority owned business?

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Woman owned

BIPOC

LGBTIA

N/A

What are any past projects that the developer company has completed in Detroit?

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We have completed many multifamily housing projects throughout the City of Detroit primarily in the Greater Downtown area.

What are the total costs of the development?

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$8.6 M

Have you closed your financing?

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Yes

No

Are you planning on asking for any of the following tax credits or subsidies?

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Neighborhood Enterprise Zone

Obsolete Property Rehabilitation Act

Public Act 210

Tax Increment Financing

HOME

CDBG

Detroit Housing Fund for the Future

Strategic Neighborhood Fund

Low Income Housing Tax Credit

New Markets Tax Credit

Other:

NA

If yes to any of the options above, please indicate amount of award.

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NA

What is the location of your development?

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?

What neighborhood is this in?

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Proposed number of units

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72 units

Please indicate how many stories the finished product will as well as the square footage.

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4 stories

What is the array of bedrooms and their corresponding rents?

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18 2-beds and 54 1 beds. The units will be offered at market rate.

What levels of affordability are going to be instituted, namely, AMI income restrictions and how many units will be at each level?

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The units will be offered at market rate.

What is the plan for parking?

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The adjacent parking lot will provide approximately 40 spaces

Do you need to rezone the parcel, or obtain a special land use? If so, please describe the current zoning and requested rezoning, as well as what, if any SLU you will ask for.

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No

What is your estimated date of breaking ground and what is you estimated time of completion?

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Completion: May 1 2023

Please describe your plan for community engagement on this project, including what stakeholders will be consulted, the number of meetings you will have and what mechanisms you will put in place for sharing and disseminating information.

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NA

How do you intend to partner with the local neighborhood group in order to foster a healthy working relationship? Examples can include frequently coming to neighborhood association meetings as well as financial from time to time.

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We are supporters of the East Village Neighborhood Association’s pocket park on St. Paul Street. We provided financial assistance for the amenities provided and assisted in building the park. In addition, we host an annual bike ride fundraiser where we've raised over $110,000 to date. A portion of these proceeds have been provided to the East Village Neighborhood Association to further their efforts.

What environmental issues have you uncovered on the site? If there are any, please describe anticipated remediation plans.

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None

Are you willing to do a mailing to the houses in a 500 foot radius with information about the development project?

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Yes

No

How will you improve public transit access? This could range from building a shelter at the nearest bus stop with lights, heat, and electric bus arrival signage, to adding public access to your lobby to allow transit users to wait comfortably year-round.

How will you improve access to other affordable transportation methods like walking or biking? Ideas include easy access to front doors to decrease walk times, ensuring exterior outlets are available for those needing to charge power chairs, installing a MoGo station, and including space for a bike room for secure storage and light maintenance.

What is different about your development that helps to make your project more affordable to Detroiters, besides making rooms smaller? Are you installing energy efficient appliances in order to decrease utility burdens? Are you separating parking fees from rent in order to allow residents to save money by not owning a car?

What are you doing to encourage people with disabilities to rent your units? Are all of your units wheelchair accessible? Are all of your common areas wheelchair-accessible? Do you have cognitively accessible signage? How are you going beyond ADA legal minimums in order to increase your development’s accessibility?

What are you doing to contribute to, rather than diminish, greenspace in the neighborhood? How many trees will be planted as a result of your development? Is there a space for tenants to have a community garden? Do you own nearby vacant land that could be converted to a pocket park, community garden, or other greenspace?

What is your plan for recycling? Composting?

What is your plan for on-site renewable energy or building-scale energy-efficiency measures?Question about this topic

If you have renderings, please email them to mac@thevillagesofdetroit.com.

Please provide a list of required City approvals for this project, including, but not limited to, zoning, historic, tax credit approvals, etc. Please also include information about the timing of these approvals.

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N/A

Are you interested in doing development in other areas of the Villages?

Yes