DETROIT - Plans for 151 new residential units and retail space in Detroit's Corktown neighborhood advanced Tuesday, according to the project's developer.
Soave Enterprises announced it received approval from the Michigan Strategic Fund’s Board of Directors for a $6.9 million Community Revitalization Program investment in the $44 million Elton Park real estate development.
The Elton Park development, named for the historic park that once graced the district’s eastern boundary, will span five blocks on the northeast edge of Corktown. The project marks Soave Enterprises’ first major residential project in Detroit and the neighborhood’s first new-construction in over 10 years.
Elton Park will span six buildings with 151 market-rate rental units totaling 124,000 square feet of residential space and 13,400 square feet of retail. The buildings will offer a selection of living options, and include new construction, as well as the redevelopment of the Checker Cab building into residential lofts. The development will also feature Corktown’s first green alley, to be named Checker Alley. Work on the project is scheduled to begin in the spring of 2017.
The Elton Park development plan and brand was developed in partnership with business and resident stakeholders in the Corktown neighborhood. Its name, Elton Park, derives from a 19th Century park that was located at Elizabeth Street and Eighth Street, until the late 1950s when it was demolished to build the Lodge Freeway.
Soave Enterprises bought the Checker Cab business in 1998 and subsequently several parcels of land surrounding the building. Today, the area is primarily used to provide parking for the neighborhood’s popular restaurants and bars. With the development of Elton Park, the Checker Cab business will be moved to another location within Detroit.
The Elton Park development is wholly owned by Soave Enterprises and supported by Detroit-based Roxbury Group, which is providing development services; Detroit-based architecture and design firms Quinn Evans Architects and Hamilton Anderson Associates; and, Monahan Construction, which is based in Eastpointe and is serving as construction manager.
Soave Enterprises is a Detroit-based, privately-held company with significant investments and operations in real estate, metals recycling, horticulture and automotive. Its real estate portfolio encompasses $2 billion of development across six states.
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