La Vogue Square • Palmer Park Square • Coronado • Seville • Palmer Lodge • La Fer • Sarasota • Eldorado • Madrid
Our Palmer Park overall plan began in 2007 with the purchase of 8 buildings in the nationally recognized Palmer Park Historic Apartment District. This beautiful historic neighborhood had fallen into disrepair and many of the buildings had remained vacant for decades. Our Palmer Park overall plan began with La Vogue Square, a 41-unit apartment building at 225 Merton Street. In 2008, we received a LIHTC tax credit award, City of Detroit HOME loan, a Brownfield Tax Credit award, and both Federal and State Historic Credits. This was an extremely challenging time in development due to the uncertainty in the economy and resulted in the LIHTC award being changed to a Section 1602 project. To further complicate the financing process, the Historic credits were sold at the same time as the Historic Boardwalk case rocked the credit industry, creating further challenges. Additionally, we acquired an adjacent abandoned hotel, which took several years to gain city approval for demolition, as well as we successfully petitioned the City to vacate an alley behind the property to improve parking options for the residents of this building. La Vogue Square received an Honorable Mention in 2013 as a National Novogradac Historic Rehabilitation project for Best Reflects Market Success in Overcoming Significant Obstacles Award.
In 2012, we began work on 6 buildings in Palmer Park, which collectively are known as Palmer Park Square. Individually, these buildings are the Palmer Lodge, Sarasota, Seville, Madrid, La Fer and El Dorado. Palmer Park Square utilized Neighborhood Stabilization Program funding, a HOME Loan, Brownfield Tax Credits, and both State and Federal Historic Credits. This complex financing stack enabled the completion of an amazing rehabilitation of these irreplaceable buildings, while saving their historical integrity, to create 202-apartment units of which 80% are affordable and 20% are market rate. This $35 million renovation included amenities such as granite counter tops, stainless steel appliances, full ceramic kitchens and baths, hard wood floors, and energy efficient updates throughout.
Palmer Park Square won a national Novogradac Journal of Tax Credits award for the 2013 Historic Tax Credit Development that Best Demonstrates Financial Innovation Award.
Shelborne Development was awarded the 2015 Detroit Community Development Award for Excellence in Real Estate Development. The Excellence in Real Estate Development Award recognizes a project that significantly improved the physical appearance and development of a neighborhood, in this case, Palmer Park.
Coronado Square is our 8thapartment building in Palmer Park and is currently under construction. Coronado is a 45-unit affordable and market rate project, financed with a City of Detroit HOME loan, federal historic credits and a small conventional loan.