M.I.I.A., Inc. as the Owner + Christian Hurttienne as the Developer, Architect, and Builder seek a financial investor to redevelop 2812 and 2842 14th Street, within sight of Ford’s transformation of Michigan Central Station, in Detroit’s North Corktown Neighborhood.
Who We Are
M.I.I.A., Inc. is the partnership of Jerry and Stephanie Esters’ whom are long-time members of North Corktown, born, raised and living within the community. Jerry has spent a lifetime stabilizing and investing in his community through his direct efforts in fixing up houses, duplexes, and apartment buildings throughout his beloved North Corktown neighborhood.
Christopher Christian + Brian Hurttienne are the managing members of Christian Hurttienne (CH); developers/architects/builders. We have been working in the City of Detroit for many years, typically as architects. Chris and Brian have expanded their practice to include Real Estate Development and Construction with their successful completion of the Bagley 10, a new ten unit condominium development in Detroit’s Corktown neighborhood. On the heals of the Bagley 10, Christian Hurttienne are in the midst of expanding their portfolio to include two additional condominium developments in Detroit’s North Corktown neighborhood, Elm Street Condominiums and and Harrison Street Condominiums, both set to break ground late in 2023.
Investment Proposal
Two new construction buildings separated by an existing 3-story masonry apartment building (M.I.I.A. owned and operated). Both buildings will be rental properties with ground level commercial spaces on 14th Street.
2842 14th Street (1A)
4 Apts., 7 Townhouses, 1 Com. Space; 17,800gsf
2812 14th Street (1B)
30 Apartment Units, 1 Com. Space; 25,000gsf
Sources Include
$ 1,500,000 M.I.I.A. Equity (Land Cost)
$ 560,000 CH Equity (1/2 Developer Fee)
$ 2,750,000 Equity Investor
$ 1,120,000 Debt - Gap (MEDC + Ebiara Fund)
$ 8,100,000 Debt (LISC)
Uses
$ 1,500,000 Land Acquisition (deferred)
$ 560,000 1/2 Developer Fee (deferred)
$10,394,000 Construction (hard and soft costs)
$ 1,576,000 Project Soft Costs
Rental Revenue
$ 1,195,530/yr Residential + Commercial
Operating Expenses
$ 180,000/yr Estimated w/ Management
$ 70,000/yr Estimated property Taxes
Incentives
Opportunity Zone
Neighborhood Enterprise Zone (NEZ)
Tax Increment Financing (TIF)
Investment Offer
In exchange for an initial investment of $2,750,000 we are offering a 4.0% annual return (post construction / receipt of CofO) with 20% equity in the project. Investment duration anticipated to be ten (10) years.
Futures Phases
Development phases 2 and 3 as enumerated on the context map are planned to follow the completion of this development proposal.