Chalmers Square Apartments • Marlborough • River Terrace • River Plaza
In 2006, Shelborne purchased a building at 14436 East Jefferson Avenue in this neighborhood from the City of Detroit and soon acquired two additional buildings purchased out of foreclosure. These buildings became the housing and mixed-use project known as Chalmers Square. This project provided 49 large modern apartments within the envelope of 3 beautiful historic structures along with 18,000 square feet of retail space. Chalmers Square utilized the Section 1602 tax credit exchange program along with Brownfield Tax Credits, State and Federal Historic Credits and City of Detroit HOME Funds to successfully use $10.3 million dollars to be used to rehabilitate this extremely distressed area. This beautiful project won two national awards in recognition of its contributions to start the revitalization of this area.
Multifamily Executive Magazine, awarded Chalmers Square with the 2014 Project of the Year Grand Award.
Novogradac Journal of Tax Credits honored Chalmers Square with an Honorable Mention for the 2013 LIHTC Property that Best Exemplifies Major Community Impact Award. The community impact that Chalmers Square has had on the area has been not only rewarding but heartwarming.
River Terrace Square, built in 1926 is an important part of the historic Gold Coast community. From the historic 1920s-era luxury mid to modern high-rise living, Detroit’s Gold Coast offered a sophisticated, urban lifestyle. Residents of the Gold Coast enjoy unparalleled vistas of the Detroit River, Belle Isle, Lake St. Clair, and Canada. The mid- and high-rise properties located on East Jefferson offer residential units in a variety of styles, sizes, and price ranges. River Terrace as one of the Gold Coast first complexes offers amenities such as secure parking, private access to waterfront patios and lawn, and exceptional vantage points for viewing the annual Hydroplane Gold Cup races and other special events.
Our project included the full rehabilitation of 96 of the existing 183 units and the installation of geothermal heating and cooling for the entire complex. This overall energy efficiency upgrade will allow River Terrace to be economically feasible and promote sustainability. The installation of the geo-thermal system will create a dramatic positive effect on the overall NOI. GEO Thermal has proven to have much lower operating costs than other systems. A geothermal heat pump will immediately save 30 to 60 percent on heating costs and 20 to 50 percent on cooling costs over conventional heating and cooling systems. Another benefit of GEO Thermal is the overall social/ environmental impact created by using clean, renewable energy (the sun). with a geothermal heat pump, there will be no onsite combustion and therefore no emissions of carbon dioxide, carbon monoxide or other greenhouse gases. GEO Thermal also eliminates any combustion-related safety or air quality issues inside the apartment units.