Piquette Square wins national award for community impact
Piquette Square for Veterans has earned a prestigious “Developments of Distinction” award in the Community Impact category.
The national awards are sponsored by the Novogradac Journal of Tax Credits (JTC). They recognize projects that demonstrate outstanding vision and make significant contributions in the field of tax-credit development.
Tim Thorland, executive director of Southwest Housing Solutions, which developed Piquette Square, accepted the award at a special ceremony in Miami, Florida on January 13, 2012.
“We are very proud of Piquette Square,” Tim said. “It combines state-of-the-art construction with a most important community mission – helping formerly homeless veterans regain their self-sufficiency and reintegrate into the community.”
In the Community Impact category, projects were evaluated on how well they fulfilled these criteria:
Piquette Square rated outstanding on all these criteria, and thus received the first place award in the category.
Piquette Square is a $22.5M project, funded through a variety of sources, including $1.7M in Brownfield Credits. The four-story building is situated on the same ground where the historic Studebaker factory near New Center was destroyed by fire in 2005. The new development consists of 150 one-bedroom units, as well 11,000 square feet of common area and commercial space.
Great Lakes Capital Fund (GLCF) was instrumental in putting together the financing for Piquette Square, and GLCF submitted the project for the Development of Distinction award.
"Piquette Square truly exemplifies community impact in many important ways,” said Dennis Quinn, senior vice president of GLCF. “Not only does Piquette Square contribute to rebuilding Detroit, it rebuilds the lives of veterans who were once homeless. Great Lakes Capital Fund is honored to be a partner with Southwest Housing Solutions in the development of Piquette Square.”