North Corktown Spruce Developers �(NCSD) Presentation
Presented by:
Mary Coats
Kimle Nailer
Angela Owens
Theodore McNeal
Table of Contents
North Corktown Spruce Developers
Architect, Civil Engineer &
Real Estate Consultant
Property Manager/Real Estate Consultant & QA/QC
Construction Manager & General Contractor
Project Manager &
QA/QC
Mary Coats
Kimle Nailer
Angela Owens
Theodore McNeal
Neighborhood Context
Future Developments
Demand
870 of affordable Units needed
700-1100 of Units planned through 2027
Total Absorption Remaining. Roughly 800
Community Engagement
Hub of Entertainment
Just Northwest of Downtown Detroit
Customers with disposable income
Compliment Housing Development
Foster Community
Integration of market and affordable rent rates to create a sustainable and resilient community
The Spruce: Live. Work. Play.
Concept & Vision
Target Customers
Proposed Site Plan
80% AMI (5)
60% AMI (3)
50% AMI (1)
60% AMI (1)
Programming - Residential
27 RESIDENCES
UNIT COUNT
(9) - 2 BR/ 2BA - (18) - 1 BR/ 1 BA
UNIT MIX
50% - 80% AMI
AFFORDABILITY
30 PARKING SPACES
PARKING
IN - UNIT WASHER / DRYER
GREEN SPACE
COMMON ROOF TOP
BIKE RACKS
AMENITIES
Elevations
Sources and Uses of Funds
UNDERWRITING ASSUMPTIONS
Residential Rent Escalator: 2%
Expense Escalator: 3%
Residential Vacancy: 5% (Stabilized)
Residential Average Rent/ Sq. Ft: $1.92
KEY METRICS
Exit Strategy: Sale in Year 10
Beginning Cap Rate: 7%
Value at Sale: $6,535,656
Financial Summary
Exit Cap Rate: 5%
Pro Forma Overview
$6.8M
TOTAL DEVELOPMENT COST
$277K
NET OPERATING INCOME
1.12
DEBT SERVICE COVERAGE
9%
INTERNAL RATE- OF -RETURN
Project Schedule
Thank You!
The North Corktown Spruce Developers
Questions & Open Discussion
Appendix
Citations for Images
Community Engagement:
“North Corktown Detroit”- (Wikipedia)
North Corktown Associate meeting held Tuesday
April 20, 2021 6:30 p.m. Virtual only Via Zoom
“Choice Neighborhood Initiative” - Four images were retrieved from
North Corktown Cultural Plan, February 27, 2020
Living Lab North corktown Neighborhood Associate
Eastern Market- Facebook/ Eastern Market Partnership (March 2, 2018)
Appendix
Citations for Maps
Adjacent Areas & Future Developments:
Greater Corktown - The framework January 28, 2020 Study Area Open House Boards
“Brains Detroit Business” By Kirk Pinho
“Real Estate Insider For Development with Corktown”
City of Detroit Choice Neighborhoods Initiative: Majority of Development in Historic Corktown Along Michigan Ave
Citations for Images
Neighborhood Context:
Michelle & Chris Gerald:
Hostel
The Bagley Trumbull Market
Holy Trinity Church
Mudgies Deli
Moral of A Pheasant- Jim West/Alamo Stock, Image ID: Ewj RKT.
Ford Train Station- Jordan Grzelewski December 11, 2020, The Detroit News
Slow’s BBQ- Photo- via Valeebelly Post By Alaina, Friday October 24, 2014
Corktown Historical Society/ Neighborhood
Nancy Whiskey: Nicole Rupersybody 10.8.2019 5:00 p.m.
University Detroit Mercy Wikipedia 2016
Maybury Elementary School: Wikipedia Common The Media Repost
“The Greening of Detroit”: Ron Roelfs
Architectural Drawings: Carl Bolofer, Bold Studio
2420 Bagley Marketing package, Bunia Parker
Appendix