Property

Visitors, property worth considerations voiced by residents over Depot City reasonably priced housing mission

YPSILANTI, MI – Ypsilanti officers needed public touch upon a possible reasonably priced housing mission in Depot City.

They received it in two prolonged periods this week, the place a handful of residents raised considerations, whereas others voiced cautious pleasure for the event that’s nonetheless in its early phases.

The mission at 220 N. Park St. covers greater than 4 acres and would add 20 duplexes round 1,200 sq. toes every and 36 cottages from 450 to 900 sq. toes. The models are meant as starter houses for younger households, based on metropolis paperwork, and would price round $140,000 to $220,000.

Residents mentioned questions on the plan with Joe Meyers, Ypsilanti’s director of financial growth, and Shannon Morgan and Jill Ferrari of Detroit-based developer Renovare throughout public remark periods on Monday, June 28, and Tuesday, June 29.

Learn extra: Ypsilanti requesting public perception on new reasonably priced housing mission

Ypsilanti’s objective is growing housing provide to assist alleviate demand that has triggered actual property prices to quickly rise in the course of the COVID-19 pandemic, Meyers mentioned.

Whereas this a noble trigger, resident Zach Hofbauer mentioned it may additionally dilute present owners’ property values an excessive amount of.

“The density of this mission goes to flood the market and dilute our housing values,” mentioned Hofbauer, including he moved to Depot City two years in the past together with his girlfriend. “The financial state of affairs we’re in proper now could be an all-time excessive for housing costs, in addition to constructing supplies. Which means individuals are going to be shopping for their houses at all-time highs and can be killed of their investments.”

This mission is supposed so “the individuals who reside and work right here” can afford housing, Meyers mentioned. The mission’s density of smaller models makes it act like a townhome neighborhood with out coping with HOA charges, permitting extra give attention to affordability, Morgan mentioned.

One other concern relating to density is an inflow of site visitors to the realm, mentioned former Ypsilanti Metropolis Council Member Rod Johnson. The mission is close to a street that lifeless ends close to the railroad and incorporates a number of dead-end roads within the present drawing plan, he mentioned, signaling to him future congestion within the neighborhood.

A satellite tv for pc view of how the 220 N. Park St. mission could be organized. Rendering by Renovare. Acquired by Ypsilanti metropolis data.Renovare

“I see the entire site visitors being one-way,” he mentioned. “It goes right into a unit or a zone that’s twice (the quantity of housing) we’ve, and I counted 10 lifeless ends. For a planner, that’s dangerous information.”

Relating to the proximity to the railroad, consumers can contemplate that once they want to buy a house, Meyers mentioned. Whereas the specifics with site visitors could be addressed in revisions to the present plan, site visitors is one thing that can be a difficulty in an “city” setting like Ypsilanti, he mentioned.

“I’m not minimizing anybody’s considerations about metropolis planning or the railroad,” he mentioned. “However when you may have a metropolis that’s 4 sq. miles and 40% of it’s Japanese Michigan College, which is a improbable anchor for our metropolis, we actually should be inventive.”

The North Park property has been Ypsilanti authorities property for the final 90 years, Meyers mentioned. The town leased it to the Ypsilanti Boys and Ladies Membership within the Nineteen Seventies, till the group gave it up in 2010, he mentioned. A facility on the location was torn down in 2016.

The town has restricted area for extra housing, Meyers mentioned, as the one different city-owned empty lot is on Water Avenue and there just some privately owned tons obtainable.

That lack of obtainable land places Ypsilanti in a crunch on offering extra housing to maintain housing prices in management, he mentioned, including that growing 220 N. Park St. is a step in the proper route.

“We’ve struggled on the place to place housing, however this is without doubt one of the few locations we’ve left,” he instructed MLive/The Ann Arbor Information on June 24. “The locations which might be privately held aren’t actually within the metropolis’s worth vary to buy. I imagine the final one offered for effectively over $1,000,000.”

The Depot City growth is a good alternative for Ypsilanti to supply extra housing, mentioned native actual property agent M. Jeanice Townsend, including that the mission is in its early phases so public feedback will form it right into a extra agreeable product for the neighborhood.

One aspect Townsend mentioned she needed added to the plan is deed restrictions to forestall the properties being purchased up by native builders to promote for themselves.

“I would like this to be housing that’s really for owner-occupant dwelling consumers and never flip into one other neighborhood for buyers to buy up,” she mentioned.

The properties can be deed restricted for households that qualify for down fee help. Ferrari mentioned. Builders are searching for choices to help potential dwelling consumers with as much as $10,000 in down funds if they’re between 40% to 120% of Washtenaw County’s median earnings, which is about $73,000, per census knowledge.

“We’re open to the dialog on basic deed restriction throughout the complete growth,” Ferrari mentioned. “It relies on what the neighborhood needs, what town needs, however that’s one thing that may be included.”

After incorporating public remark into the mission’s web site plan, Meyers and Renovare mentioned they wish to current the plan to Ypsilanti Metropolis Council by the tip of July or August, when a six-month due diligence interval to evaluate the plan would begin.

After that interval, Renovare may begin requesting metropolis funding help on the mission, together with a Brownfield Tax Increment Financing incentive, the place eligible contamination and environmental prices could be partly lined by metropolis property taxes.

The plan additionally wants approval from town’s planning and historic district commissions, metropolis council, Brownfield Redevelopment Authority and the Washtenaw County Board of Commissioners.

If an settlement is reached, Renovare would try to see its web site plan accredited by the primary quarter of 2022, Morgan mentioned. The development section would take about 18 months, Ferrari mentioned.

For extra info on the mission or to view the 2 public remark periods, click on right here.

Learn extra from The Ann Arbor Information:

Photographer’s basement studio ruined by flooding in Ypsilanti neighborhood

Authorized choices working out for Ypsilanti Township girl defying marijuana legislation

$2.7M will convey bike lane, road enhancements to Plymouth Street in Ann Arbor

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