FERNDALE, Mich. – The Michigan Strategic Fund Board has approved a nearly $4 million direct state loan for a project that will turn a parking lot into a mixed-use development with residential units and commercial space.
The $3,950,000 loan from the Michigan Community Revitalization Program will support the Vester Flats project, the four-story mixed-use development at 141 Vester Street, near 9 Mile Road and Woodward Avenue, according to a release from Gov. Gretchen Whitmer’s office.
The residential portion of the development will consist of 45 studio units, 21 one-bedroom units and six two-bedroom units.
There will be about 1,585 square feet of commercial space, along with 54 parking spaces under and behind the building, according to the release.
The project is also expected to bring water and sewer service improvements and create a pedestrian-oriented streetscape.
Matthew Walters is leading the Vester Flats project with a group of developers who have experience working in the public and private sectors on developments in Metro Detroit and Grand Rapids.
“The City of Ferndale is excited to support this mixed-use, transit-oriented, workforce housing project within our downtown corridor,” said City of Ferndale Community and Economic Development Director Roger Caruso. “This will make a real impact on people who want to live, work, and play in our city. It can’t go unmentioned that this project would not have come to fruition if it weren’t for the financial participation from Oakland County and the State of Michigan, particularly the Michigan Economic Development Corporation.”
The city of Ferndale is also supporting the project with a 15-year, $4.4 million Workforce PILOT grant.
According to the city’s website, the privately owned lot was listed for sale in 2021 and was purchased with the intent to create a mixed-use development.
For information about how this is expected to impact parking in the area, zoning requirements and more details about the project, visit the city’s website.
