The Lafayette Towers, like the rest of the Lafayette Park neighborhood, was once considered a shining example of urban revitalization.

Designed by famed architect Ludwig Mies van der Rohe and built in 1961, the apartment towers were part of a planned community that included a shopping center, a 19-acre park and a school to attract young professionals to live near downtown.

Today, as the city undergoes its latest round of urban renewal, investor and lifelong Detroiter Gregory Jackson said he wants to use the aging modernist-style glass and aluminum high-rise community to reinvent Detroit living.

He bought the 22-story, 584-unit apartment complex from the city for $5.8 million in November with a promise that he would pay to bring the iconic structures back to their original glory.

“I wanted to be part of the renaissance that’s taking shape in Detroit,” said Jackson, who lives on the city’s west side.

The renaissance that Jackson and other developers refer to is tied to rising demand in certain neighborhoods for rental housing for the city’s new class of young professionals. Their migration has resulted in a more than 90 percent occupancy rate in Midtown and surrounding areas, according to Midtown Detroit Inc., which tracks housing trends.

State and federal tax incentives as well as easier availability of financing make renovating empty and historic buildings more appealing for Detroit investors than new construction, real estate experts said.

In October, Bloomfield Hills-based Princeton Enterprises bought the shuttered, historic Milner Hotel in downtown with preliminary plans to convert the 10-story building into apartments and rename it The Ashley.

In November, the 34-story Broderick Tower accepted its first tenants after completion of a two-year renovation project. And as investors bid on the Free Press Building on Lafayette Boulevard, there was talk that the historic structure would be converted into housing.

“The city has prioritized restoration rather than new construction. Detroit would like to see the empty buildings back into the market,” said Richard Baron, chairman of the St. Louis-based development firm McCormack Baron Salazar.

Baron, who has years of experience rehabilitating historic buildings, is in talks with Susan Mosey of Midtown Detroit Inc. on a $25 million project to restore a vacant building on Alexandrine, just west of Woodward Avenue, into rental residences.

Though demand for housing in certain areas continues to climb, incentives for developers to embark on new construction projects aren’t there, Baron said.

Jackson said an investment of as little as $5 million could help attract new, younger tenants.

The Lafayette Towers, he said, noting that it is more than 50 percent occupied, already has some amenities that would appeal to potential younger tenants. The complex is equipped with an Olympic-sized pool, fitness center and 360-degree panoramic views of the city. It’s also within walking distance of Greektown.

Rents at Lafayette Towers range from $500 a month for a studio to $1,400 a month and up for a three-bedroom unit, with approximately 30 units that qualify for government subsidies.

Jackson said units can run as low as $1 per square foot, compared to other units downtown where rentals such as the Broderick Towner and other recently renovated buildings charge a much higher rate.

The rates at Lafayette Towers will eventually go up, but Jackson said he does not plan to raise rents until after all renovations are made.

Preliminary improvements, he said, will include adding shuffleboard courts and cabanas to the rooftop pool area, replacing equipment and offering classes in the fitness center, and updating kitchens and bathrooms in apartment units. Jackson said he also plans to install bicycle racks, improve Wi-Fi service and allow residents to use rooftop lounge spaces to hold receptions.

Jackson said he hopes to have initial renovations completed within 18 months.

Molly Dougherty, 24, a high school English teacher, moved into the complex in August with her fiance.

“(We) decided to move to an exciting part of town,” Dougherty said.

Dougherty came to Detroit about a year and a half ago from Omaha, Neb., to volunteer at Cristo del Rey High School. She eventually got hired permanently at the parochial school and decided to move out of a roommate situation in the Mexicantown neighborhood to a more cosmopolitan living experience.

“There’s a certain energy in an urban area. I like all the diversity — every day you see different people,” said Dougherty, who regularly walks to Greektown for its restaurants, bars and casino.

Wilbert Sherrod, 73, a retired dentist who has lived in Lafayette Towers for 38 years, shared similar sentiments. When he moved into the city more than 40 years ago, he was immediately drawn to the air of affluence that the complex inspired.

“As soon as I came into the city,” Sherrod said, “I said, ‘I want to live here.’ ”

Sherrod said he loves summer walks to the RiverWalk, Renaissance Center and Greektown. He does most of his grocery shopping at Lafayette Foods down the street. In fact, after retirement he sold his car and rents one occasionally if he needs to go to the suburbs for errands.

But Sherrod said security and maintenance declined at the complex over the years.

By this past summer, Lafayette Towers was in danger of being sold by the U.S. Department of Housing and Urban Development in a foreclosure auction after then-owner Northern Group failed to make mortgage payments. The city stepped in and bought the property, with the understanding that it would seek a private buyer who would invest in its long-term revival.

When Jackson heard about its financial woes, he approached the city.

“I’ve been looking for an opportunity to invest in a city that I love,” Jackson said.

Sherrod, who lives in a unit overlooking Ford Field, Comerica Park and Gratiot Avenue, said he is ready for the proposed revival.

“I hope this gentleman is truthful with his promise,” he said.

FOURMIDABLE, a Bingham Farms, Michigan-based real estate management company, has announced it has assumed the property management role at the Chickasha Hotel Apartments, a historic building located in the Chickasha, OK downtown district at 102 North 2nd Street.  The announcement was made by FOURMIDABLE President Scott Allen.

In its role as property manager, FOURMIDABLE will be responsible for all management, marketing, maintenance and accounting functions at Chickasha Hotel Apartments.  FOURMIDABLE also manages the Autumn Brooke Apartments in Chickasha. 

The Chickasha Hotel, built in 1902, recently underwent a multi-million dollar historical restoration and reopened as the Chickasha Hotel Apartments, offering 38 one- and two-bedroom luxury apartments.  The building also will feature office and commercial space on the first floor.

FOURMIDABLE is honored to manage such a beautiful, historic building in the heart of Chickasha, said Allen.  The restoration is stunning.  The building has retained its historical integrity and architectural design while featuring 21st century amenities.

Many of the original features of the building have been preserved, including telephone booths and elevator.  Modern amenities include central air conditioning, fully equipped kitchens, laundry facilities and handicap accessibility.  The property is considered an integral part of the city’s community re-development plan for downtown Chickasha. 

One-bedroom apartments in the Chickasha Hotel Apartments will range from $325 to $550 per month with floor plans from 449 to 812 sq. ft.  Two bedroom apartments will be priced between $485 and $625 per month with floor plans ranging between 663 to 827 sq. ft.  All apartments will feature a unique floor plan, incorporating natural light. Income restrictions apply.  The property is a Low Income Housing Tax Credit community under the Oklahoma Housing Finance Agency and accepts Section 8 vouchers. 

The Chickasha Hotel Apartments is a perfect example of historical preservation blended with the amenities and safety features of today, added Allen.  By maintaining the integrity of the building combined with replicated architecture reminiscent of a century ago, this building is a jewel in the city’s burgeoning downtown district.

Chickasha Hotel Apartments is owned by Chickasha Housing Partners LP, a partnership between CMS Willowbrook and the First National Bank and Trust of Chickasha.  CMS Willowbrook also served as General Contractor for the property. 

For more information on Chickasha Hotel Apartments, please visit www.chickashahotelapts.com or call 405-224-1640. 

FOURMIDABLE is a national real estate management company that specializes in managing, marketing and leasing market rate, tax credit, senior and family government assisted and public housing apartment communities.  Founded in 1975, FOURMIDABLE currently manages 88 communities in nine states, with more than 9,500 units under management. Headquartered in Bingham Farms, MI, FOURMIDABLE is member of the elite AMO (Accredited Management Organization) and is an approved management firm for HUD and MSHDA.  For more information, please call 248-593-4600 or visit www.fourmidable.com

Musicians, doctors, lawyers, teachers, business people and factory workers made it home. People liked living there.

For many years, before trouble hit these Towers that were once a beacon of city living, it was considered a sweet moment of shared experience, one more pleasant part of being African American and being from Detroit.

Unfortunately things changed. Like the rest of a city faced with challenges, so went the Lafayette Towers. Foreclosure set in, there was a government takeover (HUD) and the Towers as Detroiters knew it – were no more.

Well today, the Lafayette Towers have a new owner, with a promise to restore it to glory. Nine months ago, Detroit-based business mogul Greg Jackson, the owner of the real estate firm Jackson Land Holding Co. LLC, bought the Towers from the city, for $5.8 million. An institution had been saved.

“My early recollection of this property — growing up in the city of Detroit, if you knew someone who lived in the Lafayette Towers — that was big time stuff,” said Jackson. “To just ride past and look at these buildings were a thrill within itself, because they were beautiful on the outside. And they were the epitome of luxury living in Detroit. One of the things that people would aspire to do…was to be able to live at the Lafayette Towers. That meant you had made it.”

The history of the Towers is an interesting one. In the late 1950s and early 1960s, a major urban redevelopment project on Detroit’s east side created Lafayette Park, which was a planned community that is today one of the city’s most racially integrated and economically stable neighborhoods.

Lafayette Park was built on land that was once a densely populated working-class African-American neighborhood called Black Bottom, after the marshy bottoms at the source of the River Savoyard, which was buried when Detroit was settled. Classified as a “slum” in the 1940s, the neighborhood was razed and left vacant until the mid-1950s, when Chicago developer Herbert Greenwald made a successful proposal to develop the land with architect Mies van der Rohe, urban planner Ludwig Hilberseimer and landscape designer Alfred Caldwell.

Three high-rises, 186 ground-level townhouses and a large park were completed by the early 1960s. Both of the Towers were added to the National Register of Historic Places in 1996.

“What I hope to do to do is bring that type of stature back to the Towers,” said Jackson, who is also the CEO of the Prestige Automotive Group of auto dealerships. “Over the years…to a certain extent the former owners let the property run into disrepair. There were some deferred maintenance and some bad things that were happening on the property 15, 10, five years ago. The good news is that…all of that has changed.”
Presently, Jackson says the occupancy rate is 90 percent and there is no plan to displace current residents. Renovation will be done as occupants move.

Even so, Jackson has a very aggressive plan to have the Towers renovated and brought up to speed within the next 18 months. According to him, renovation cost will range anywhere from $6 to 10 million, a HUD condition of the sale. With that being said, there are currently no plans to raise rents.

“I think before we have an opportunity to raise rents, we have to improve the level of service,” said Jackson.

The Formidable Group currently manages the property. And Jackson says he is very pleased with the work they have been doing to help restore the property to respectability.

There will be a renovation of the Olympic size pool area that sits above the parking garage, the fitness centers in both Towers, the adding of personal trainers and a coffee shop.

“When I first found out that this property was available, I immediately became excited,” said Jackson. “I got excited because it was once one of Detroit’s premier residences. There were enough units that it could be managed by a professional management company. The good news is that the management company that is running the Towers today is very skilled at what they do. They manage large properties all over the country.”

The Formidable Group has improved the cleanliness of the grounds, cleaned up the structure and beefed up security. There are now three security guards at all times over a 24-hour period. They also have secured access to parking.

“They have provided an excellent level of base…in order for me to take over this property and take it to the next level…‘the New Lafayette Towers,’ that is our brand,” said Jackson. “As a consequence of Detroit as a city changing, our clientele is going to change. It’s a young professional crowd taking over the Lafayette Towers. And all of our changes are going to be geared towards that crowd. The space should be beautiful.”

The South Reporter – Thursday, November 22, 2012

Mayor Andre’ DeBerry and Alfred Moore, executive director of the Holly Springs Housing Authority, announce 36 new, high quality, affordable homes are coming to the city using tax credits allocated by the Mississippi Home Corporation.

On October 11, the Mississippi Home Corporation allocated $4.2 million in tax credits to the construction of Murphy Lane, a single-family community to be built off Highway 178 West in Holly Springs.

DeBerry and the Housing Authority worked with Rosedale Corporation of Oxford to enter the proposed community in the highly competitive Mississippi tax credit allocation round for 2012, and Murphy Lane was one of only four applications in Congressional District 1 to win and the sole new construction application to win the award.

Moore said, “We are proud to have the opportunity to bring this high quality community to Holly Springs, and, considering the competitiveness of the application as well as the high demand for quality homes in Holly Springs, it is a blessing for the city.”

Murphy Lane will begin construction in January 2013, and it is estimated to be available for move-in in early summer 2013. The general contractor will be Winters Construction of Oxford. If you are interested in becoming a part of the Murphy Lane community, call 248-593-4618.

Bingham Farms, MI, July 27, 2012 –FOURMIDABLE, a Bingham Farms, MI.-based real estate management company, announces Alton Place Apartments in Chattanooga, TN.  A newly constructed apartment community, Alton Place Apartments is conveniently located in a residential area of the city, close to downtown. The announcement was made by FOURMIDABLE President Scott Allen.  FOURMIDABLE will be responsible for all management, marketing, maintenance and accounting functions at Alton Place Apartments. 

Scheduled to be completed in September 2012, Alton Place Apartments, located at 3400 Chandler Place, offers two and three bedroom apartment homes featuring all the amenities and conveniences FOURMIDABLE provides in its new communities, including a modern kitchen, outdoor pool, fitness center and clubhouse. Alton Place Apartments is a “green” community featuring Model Energy Code, Energy Star appliances and 15-SEER Heat Pumps.  Alton Place Apartments also includes on-site management and maintenance, including 24-hour emergency maintenance.  Floor plans range from 891 sq. ft. to 1,242 sq. ft. 

Alton Place Apartments is currently accepting applications for pre-leasing.  Prospective tenants may apply online at www.altonplaceapts.com 

Alton Place Apartments is rated a 37 from walkscore.com, a walk-able community nearby to schools, shopping, restaurants and parks. 

The developer of Alton Place Apartments is H&H Residential Development of Pleasantview, TN.  The builder is Bacar Constructors of Nashville, TN. 

Alton Place Apartments was funded, in part, with the Low Income Housing Tax Credit program and in cooperation with the Tennessee Housing Development Agency.  There are income limitations for residential applicants but no direct rent subsidies.  All interested individuals are encouraged to obtain more information by visiting www.altonplaceapts.com or by calling 423-822-5100. 

“FOURMIDABLE is proud to be managing such a warm, inviting community conveniently located in the vibrant city of Chattanooga,” said Allen.  “Alton Place Apartments’ close proximity to schools, work, shopping, entertainment and leisure activities make it ideal for young professionals or families looking to live in the city.” 

“In addition, we would like to acknowledge and thank the entire development team for their high quality work.  Alton Place Apartments is going to be a wonderful addition to Chattanooga.” 

 For more information, please call 423-822-5100 or visit www.altonplaceapts.com

  FOURMIDABLE is a national real estate management company that specializes in managing, marketing and leasing market rate, tax credit, senior and family government assisted and public housing apartment communities.  Founded in 1975, FOURMIDABLE currently manages 88 communities in nine states, with more than 9,500 units under management. Headquartered in Bingham Farms, MI, FOURMIDABLE is member of the elite AMO (Accredited Management Organization) and is an approved management firm for HUD and MSHDA.  For more information, please call 248-593-4600 or visit www.fourmidable.com

(WXYZ) – 6-26-2012 – The property management firm, Fourmidable joined forces with Detroit residents and businesses to clean up the park in Lafayette.

Volunteers painted and repaired the playground, did yardwork on the tennis courts and repaired benches and tables in the 19-acre park.

“Our Fourmidable properties make up a large portion of the residences in the Lafayette Park area,” says Scott Allen, the Fourmidable president. “We wanted to give back to the community and begin an ongoing initiative to show pride in this historic area of Detroit.”

After 5 is a group in Detroit that seeks to attract and retain young professionals and organized the volunteers.

Fourmidable is the property manager of nearby apartment towers whose residents donated their time to help out the clean up.

Read more: http://www.wxyz.com/dpp/news/region/wayne_county/fourmidable-partners-with-detroiters-to-team-up-to-clean-up#ixzz21qgLtbon ]]> http://www.fourmidable.com/businesses-and-detroiters-join-forces-for-team-up-to-clean-up/feed/ 0 http://www.fourmidable.com/renters-take-over-detroit/?utm_source=rss&utm_medium=rss&utm_campaign=renters-take-over-detroit http://www.fourmidable.com/renters-take-over-detroit/#comments Fri, 27 Jul 2012 17:56:10 +0000 ctostige http://www.fourmidable.com/?p=2266 GlobeSt.com -  June 29, 2012 – DETROIT-The success of the multifamily market is starting to hit those hit worst by the recession, including Detroit. Fourmidable, a property manager of some of the major apartment complexes downtown, says there’s a large demand for rental property in the city.

The company was recently hired to turn around the former Windsor Tower Apartments in Detroit. Scott Allen, president of the firm, tells GlobeSt.com that the apartments had been beset by problems. “We were hired by Matrix Realty Corp. of New York City to come in and do a total renewal of the 323 units,” he says.

After removing about two-thirds of the tenants, Fourmidable embarked on a roughly $1 million upgrade program at the property, which is located near Eastern Market at Interstate 373 and Lafayette. The company upgraded the main lobby and elevators and performed other major repairs, and has renamed the property to Skyview Tower Apartments. Unit rent starts at $575 per month.

Fourmidable is based in Bingham Farms, MI, and manages 88 communities in nine states, but has an expertise in Detroit, where the company runs large Detroit apartment complexes including Lafayette Towers, Lofts at Rivertown and Fort Shelby Tower Apartments. Allen says that there’s no doubt that the multifamily demand, especially at the high end, far exceeds supply in the city. Add that there are 25,000 new jobs expected to be added in the Detroit area this year, and vacancy projections are expected to continue to drop.

“We can’t rehabilitate these properties fast enough,” he says. “There’s a lot of people moving into the city from the suburbs, in part because of the new companies downtown, including Quicken, Blue Cross and Compuware. Also, more students are willing to live in the city, at schools such as Wayne State University. For these renters, there’s a severe lack of decent, well managed rental property.”

According to a second quarter Marcus & Millichap apartment market report, Detroit multifamily vacancy should shrink to 4.5% by year end. The city has posted its third consecutive year of improving operations, and these 1950s and 1960s properties are being hit with rehab opportunities by local firms, some representing out-of-state investors. More than 2,200 units are in the construction pipeline, a significant increase than this year’s total of 140 units and last year’s 28 units built in the city.