Detroit, MI - — Real Estate Interests, LLC (REI) is pleased to announce the start of its latest real estate development project, The Murray – Hubbard Farms, located at 4004 Porter, in the vibrant neighborhood of Hubbard Farms in Southwest Detroit. Built in approximately 1917 and long abandoned, The Murray is a critically important historic structure identified by neighborhood residents as one of their top priorities for redevelopment.
REI, in conjunction with Southwest Housing Solutions, is undertaking a complete renovation of the now vacant property. According to REI co-founder and managing principal W. Emery Matthews, strong community input was a critical feature of the development.
“This is not only a project of tremendous importance to the community, but also to me personally,” says Matthews. “I was born and raised in Detroit, and I understand the corrosive impact of vacant buildings. They exact an emotional toll and have a profound negative impact on our communities.
For me, this is far more than just another real estate investment. It’s a way for the community to showcase its spirit and resilience.”
With this in mind, REI plans to transform The Murray into a modern, efficient 12-unit building that restores the building’s rightful place as a highlight and landmark of the neighborhood while maintaining its historic character. Located a block away from Clark Park, one of the city’s best maintained and amenitized public spaces, the façade will be restored to the original historic design, while interior historic details will be integrated whenever possible. With a new landscape design, property amenities will include outdoor patios, gardens, public art and grilling areas.
The 16,404 square foot multi-family development will be ready for occupancy in Spring 2021. It will consist of one phase, converting the original seven townhome units into twelve residential rental units. Three of the units will be designated affordable with rents maintained at 60% of the area’s median income.
“I’m so proud to be a part of The Murray project,” adds Matthews. “It’s going to positively impact so many lives for the better – not just of those who will live there, but of every single member of the community.”
REI wishes to thank its partner, Southwest Solutions, in particular Tim Thorland and Daniel Pederson, and adds that the project would not be possible without financing from the Detroit Neighborhoods Fund through Capital Impact Partners and the Strategic Neighborhood Fund through Invest Detroit.
About the Company
Specializing in commercial real estate, property management, asset management, consulting, facility management and brokerage, Real Estate Interests LLC is a cutting edge, full-service commercial real estate advisory and development firm with international reach.
Founded by Emery Matthews and Stan Edwards, the firm has developed, acquired and managed more than 33 million sf of commercial real estate, while Managing Principal Emery Matthews has closed more than $1 billion in commercial real estate transactions.
The company has been frequently recognized for its excellence by both clients and industry peers.
For more information, visit the website at https://re-interests.com/.
Name: W. Emery Matthews
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Organization: Real Estate Interests LLC
Release ID: 88967575