New Marquette Township housing development plan moves forward
MARQUETTE TOWNSHIP, Mich. (WLUC) - A new housing project in Marquette Township is in its planning stage.
A plot of land in Marquette Township off County Road 492 could be home to 48 single-family homes in the future.
Ypsilanti-based Renovare Development is overseeing the project. “We have reviewed that project for single-family units some of them attached, some of them detached and we’re looking at a “for sale” model for each of the units in the project,” Renovare Development Managing Partner Jill Ferrari said.
Ferrari says the project is still in the early phase. She says it is too early to say how much a unit could cost.
“We are targeting folks that fall between 60% and 120% of area median income,” Ferrari said.
Renovare submitted a plan to the Marquette Township board last week.
“This is early, it’s going to require some unique financing and unique partnerships in order to make everything come to fruition, make the capital stack pencil,” Ferrari said. “We’re not looking for a long lead time to get to a shovel in the ground, but we need that time to really get through all the financial pieces and the architectural.”
Marquette Township Planning and Zoning Administrator Jason McCarthy says the Township owns the land and plans to sell it to Renovare.
“The Township board would like to receive $500,000 for the property, of course, that’s subject to an appraisal, but we believe based on recent comps in the area that it will appraise,” McCarthy said.
McCarthy says the location is ideal for future homeowners. The homes would be behind Goodwill near US-41.
“It is central in its location and proximity to Schwemwood Park and the commercial businesses along US-41,” McCarthy said.
McCarthy says once the planning is finished, construction could begin next year.
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