Projects

Hamilton Crossing Phase I & II

Hamilton Crossing Phases I and II are the transformation of the former Parkview Apartments, a boarded-up, derelict property in Ypsilanti, Michigan, into 144 units of family housing.  This property sat essentially vacant for several years until the remaining few tenants sued HUD to force a foreclosure. The YHC had engaged Chesapeake Community Advisors (“CCA”) as the development consultant and CCA worked with the YHC from 2004 to 2010 when the foreclosure and sale to the YHC for $1 finally occurred.

The property was redeveloped in two phases, using both 4% and 9% LIHTC from the Michigan State Housing and Development Authority.  As part of the Parkview Tenants Association settlement agreement, HUD provided an Upfront Grant in the amount of $40,000 per unit and 144 new Section 8 vouchers.  The creative financing structures allowed for the properties to be well reserved for the long term.

The property is primarily townhouse units with full basements.  The substantial renovation included new roofs, windows, HVAC systems, drywall, kitchens and baths and extensive site work and landscaping. Each unit offers the original hardwood floors and in-unit washers and dryers.  A community building on site provides a community room, a computer lab and management offices.

The Phase I property also offers the Family Empowerment Program in partnership with Eastern Michigan University, Washtenaw County, the Washtenaw County United Way and funding through the Kresge Foundation.  This program allows each family to work with the on-site social worker to formulate and individual plan for self-sufficiency.  It brings programs such as after school tutoring, healthy cooking, Zumba and Yoga classes to the site along with job readiness training, access to dental care and summer camp for kids. 

The project was recently awarded the Charles Edson Tax Credit Excellence Award for a HUD Preservation Property.

Specifications

Development Type
21 - 1BR, 78 - 2BR, 45 - 3BR
Number of Units
144
Development Cost
$20M
Location
Ypsilanti, Michigan, Michigan
Project Complete
January 2019
Development Role
Development Consultant
Unit Mix
21 - 1BR, 78 - 2BR, 45 - 3BR
Architect
Fusco, Shaffer & Pappas, Inc.
Contractor
Rhode Construction Company
Developer
Ypsilanti Housing Commission; CCA
Owner
Ypsilanti Housing Commission
Investor
Boston Financial, Cinnaire
Lender
MSHDA, Key Bank, Wahtenaw County, Ypsilanti Housing Commission

What Others Are Saying About Us

“I have worked with the principals of Chesapeake since the inception of Cinnaire in 1993. They have proven to be the most highly skilled and knowledgeable group of professionals we have ever worked with in this industry. Their creative and entrepreneurial approach to real estate development and finance have made them the number one choice for Cinnaire to assist us in complex and difficult real estate transactions. The use of Chesapeake in our Housing Tax Credit Year 15 disposition strategies has produced results for our investors that were beyond their expectations and has been a model we use in all of our disposition strategies. They are real estate experts extraordinaire with the added benefit of being socially minded. They not only care about the investor and owner benefits but also take into account a positive outcome for the residents.”