Cinnaire Solutions, City of Detroit and GenesisHOPE Celebrate Grand Opening of Preston Townhomes in Islandview
Cinnaire Solutions joined our partners at the City of Detroit and GenesisHOPE to celebrate the grand opening of Preston Townhomes, a $14 million, 31-home affordable rental development in Detroit’s Islandview neighborhood. Built on the long-vacant former site of Detroit Eastern High School, Preston Townhomes offers two- and three-bedroom homes designed for families, along with green space, pocket parks, a playground and a community garden where residents can gather, children can play and neighbors can connect.
“Preston Townhomes is a powerful example of what happens when we invest in people, neighborhoods and partnerships,” said Mayor Mary Sheffield. “This is exactly the kind of neighborhood investment this administration is prioritizing. Creating more affordable housing while transforming vacant properties into places where Detroiters can thrive.”
“Development is best done alongside the community,” said Mark McDaniel, President and CEO of Cinnaire. “GenesisHOPE has lived that principle in Islandview for nearly two decades, and our team was honored to walk with them from concept through closing. Affordable housing on this site took real risk and commitment from both organizations, and now families have a place to put down roots.”
Preston is the first newly constructed multifamily affordable rental development for GenesisHOPE, a faith-based community development corporation that has worked in Islandview since 2008. Co-founder and Executive Director Jeanine C. Hatcher began shaping the project eight years ago after completing CEDAM’s Real Estate Boot Camp, drafting a concept pro forma and personally funding early architectural designs. Hatcher
specifically credited Jerrell Harris, Principal Consultant with Araminta Planning Group with keeping the momentum going on this project.
“This has been an eight-year walk of faith,” Hatcher said. “There were times when I wanted to walk away, but Jerrell Harris’s encouragement kept me going. His ‘we can do this’ attitude was contagious, and the entire Cinnaire Solutions team was essential to making Preston happen.”
GenesisHOPE and Cinnaire Solutions co-developed Preston Townhomes through a longstanding partnership, working together through planning, financing and pandemic related challenges. To close the project’s financing gap, the partners deferred developer fees and provided sponsor financing.
“Preston Townhomes turns a long-vacant site into something our community can use, quality homes for families providing a stronger foundation for the future,” said Councilmember Renata Miller.
Financing and support came from the City of Detroit’s HOME Investment Partnerships Program, the Michigan State Housing Development Authority, Low Income Housing Tax Credits, Project-Based Vouchers through the Detroit Housing Commission, the National Fish and Wildlife Foundation, the Fred A. and Barbara M. Erb Family Foundation, and other federal and philanthropic partners.
“Through our Project-Based Voucher partnership DHC is excited to have voucher holders that will enjoy quality housing, Preston Townhomes will provide affordable homes for Detroit families with the greatest housing needs, with space for children to play, neighbors to connect and residents to thrive in the Islandview community,” said Felicia Burris, HCV Sr. Director, Detroit Housing Commission. “We are proud to partner with GenesisHOPE, Cinnaire Solutions and the City of Detroit to transform a long-vacant site into homes where Detroit families can build their futures”
“Our work began by walking this neighborhood and listening to our neighbors, and Preston carries that commitment forward,” Hatcher said. “A stable home that a family can afford is a foundation for health. We want families to have a place where they belong and can build a future.”
Rent rates for the townhomes start at $827 per month. Applicants interested in the Project Based Vouchers should apply through the Detroit Housing Commission.
