Pontiac is on the Up and Up with Exciting New Apartment Project!
Big news from the heart of Pontiac this week! The city is buzzing with excitement as plans move forward for the redevelopment of the long-empty Casa del Rey apartment building. This project, which will breathe new life into a historic structure, comes to us from the dynamic husband-and-wife duo, Gregory and Ronita Coleman, who are part of the team at Coleman Allen LLC. With a hefty price tag of $15.5 million, this project is set to make waves, and for good reason!
A Long-Awaited Revival
The Casa del Rey building has been a ghost of its glorious past, sitting vacant for nearly 20 years. Thanks to the tireless efforts of the Colemans, it’s finally going to shine again! With a ceremonial groundbreaking taking place today, they’re bringing in a fresh wave of development to downtown Pontiac, which is steadily surfacing as a go-to spot within Oakland County. The apartments, once completed, will offer 50 new housing units at various income levels, making it a win-win for the community.
Community Spirit at the Core
“This was a game-changer for us,” Ronita Coleman enthused, highlighting their commitment not just to real estate but to revitalizing the entire community. “Pontiac is on a resurgence,” she added. It’s clear they share a vision of the historic building becoming a cherished part of the landscape once again.
But that’s not all! Pontiac is buzzing with a slew of other redevelopment projects that are sprouting up, largely thanks to the Oakland County government’s plan to develop a downtown campus. With momentum like this, you can just feel the energy in the air!
From Fix-and-Flip to Major Development
Gregory and Ronita Coleman bring over three decades of combined experience from their roles at General Motors. Initially, they dabbled in fixing and flipping houses around Oakland County, but with their busy full-time jobs and family life, they shifted gears. Now, their focus is on commercial real estate development like the Casa del Rey project. “A great opportunity presented itself,” Gregory mentioned, expressing his excitement about returning to his family roots in Pontiac.
Affordable Housing for All
Looking ahead, when this project wraps up in April 2026, it’s set to offer a variety of mixed-income housing options. This is seriously awesome news for folks in the community! The units will target individuals earning between 60%-120% of the area median income, which in Oakland County translates to earnings between $40,320 and $80,640 for individuals.
The Mechanics of Funding
Now, let’s talk about the nitty-gritty of funding these types of projects. It takes a village, and that’s where the Colemans have excelled in building relationships. They clarified that this project required a mix of different funding sources, known in the biz as capital stacks. This includes help from state, county, and local funds, along with various tax credits like brownfield redevelopment subsidies. The Colemans made it clear that having supportive partners is essential when gearing up for a project of this magnitude.
Looking Forward to a Bright Future
As the groundbreaking marks the start of this exciting endeavor, residents and city officials alike are hopeful that Casa del Rey will not only honor the past but also set the stage for a bright future in Pontiac. With new businesses and housing in the pipeline, it’s clear that Pontiac is ready to reclaim its place on the map as a vibrant and welcoming community for all!
So, keep your eyes peeled and your spirits high, Pontiac—exciting times are just around the corner!
