Most of the headlines featuring the Beal Group focus on its big downtown projects, such as the Broderick Tower redevelopment. But the Ann Arbor-based firm is also making a big impact renovating dozens of houses in Hamtramck, Brightmor and Highland Park.
is renovating a dozen homes in Detroit's Brightmor neighborhood, 11 more houses in Hamtramck and eight single-family homes in Highland Park. The projects, paid for with neighborhood stabilization funds from the federal government, will turn the houses into energy-efficient affordable housing that will be sold to local residents.
"Our product is high-end but we're not selling them to high-end buyers," says Stewart Beal, president of Beal Properties
, a subsidiary of the Beal Group that is handling the renovations. "We're selling them to people in the community, often someone who is going from a renter to a homeowner."
These homes are foreclosed properties that have reverted to the Michigan Land Bank. Beal Properties renovates these historic structures, the ones in Highland Park are craftsman-style bungalows in the city's historic district
, into buildings with a 5-star energy efficiency rating. That includes Energy Star appliances, insulation and energy-efficient core systems. Between $50,000 and $100,000 goes into each home.
Beal expects to wrap up the renovations by March and have them all sold before the end of the year.
Source: Stewart Beal, president of Beal Properties
Writer: Jon Zemke
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