What Have We Done?
We have helped an array of clients navigate the development process from the concept stage through project lease-up. Here is one example of a $50 million dollar project that members of our team developed for the Neighborhood Service Organization in Detroit.
A Case Study
The $50 million Bell Building project was an extraordinarily complex transaction that used a variety of financing tools including Low Income Housing Tax Credits, Federal and State Historic Tax Credits, State Brownfield Credits, New Market Tax Credits, HOME funds from the City of Detroit and Wayne County, CDBG funds from the City of Detroit, and major grants from the Kresge Foundation and the McGregor Fund. In addition, Morgan Stanley’s investment of tax credit equity was the largest it has ever made in one of these projects in the country. The Bell Building now provides 155 units of Permanent Supportive Housing for formerly homeless individuals and is the new corporate headquarters for the Neighborhood Service Organization. The project has also been a key catalyst for community development efforts in the area.
The NSO Bell Building
Joe Heaphy, President of Ethos Development Partners was the key leader in managing the development process for The Bell Building. Read Joe’s bio here.
The Bell Building was the recipient of the following local, state and national awards:
• National Trust for Historic Preservation Award
• Governor’s Award for Historic Preservation
• Michigan Historic Preservation Network’s Building Award
• LISC Detroit’s 2013 Award for Excellence in Real Estate Development
• National Housing & Rehabilitation Association’s 2013 Award for Most Advanced Financial Structure
• American Council of Engineering Companies of Michigan’s Merit Award
• Engineering Society of Detroit Construction and Design Award
• Brick in Architecture Award Program
- Volunteers of America
- National Church Residences
- Neighborhood Service Organization
- South Oakland Shelter
- Recovery Park
- The Roxbury Group
- Capital Impact Partners
- Vista Maria
- Coalition on Temporary Shelter
- Detroit HUB
- Focus: HOPE
- Detroit Central City Community Mental Health