This ran today in the Grosse Pointe News, but in case you don’t get the paper, and wanted to be up on the residential resurgence in the Cabbage Patch, here is what you missed.

I let the GP News write the title of the article, but here is the story itself.

It’s no secret that the downtown commercial district on Kercheval in Grosse Pointe Park is growing and thriving. The residential neighborhood known as the “Cabbage Patch,” is much more quietly seeing a healthy resurgence of its own. This resurgence is good news not just for Grosse Pointe Park Residents, but for the Grosse Pointes in general.

There are several factors involved in this neighborhood resurgence. The first and most obvious is the placemaking effort by those who have renovated the historic and tired buildings into new and exciting restaurants, bars and storefronts. Placemaking in general is a big buzz word around the country, and at the core of it is creating a walkable downtown that promotes residents happiness, and well-being. The investors on Kercheval have done just that.

The other less obvious but possibly even more important factors in the resurgence of the Cabbage Patch is the rapid rebirth of Midtown Detroit, and the Grosse Pointe Housing Foundation. These two things essentially have worked hand in hand in creating the perfect scenario to stabilize the rental market in Grosse Pointe Park. Rental rates in downtown Detroit have literally skyrocketed, and at the same time full time college students and medical residents/student nurses can get up to half of their rent subsidized (if they apply and get approved) by the Grosse Pointe Housing Foundation.

Rental rates in Midtown can go for as much as $2-3 or more a square foot per month. Say for example we are looking at a 1st year medical resident attending school at Wayne State. They want to rent a 950 sq. ft. two bedroom apartment in midtown or Grosse Pointe Park. Lets take a conservative number and say they find a place in midtown for $2,300 ($2.42 per sq. ft.) a month. That same student could expect to find something in Grosse Pointe Park for somewhere in the range of $750-$950 a month depending on condition. Say they find a place for $850. If that student qualifies for the grant, they get 50% of their rent paid for up to $350 maximum per month. In this case the student would max out at $350 grant per month and literally pay only $500 a month rent. What isn’t even factored in here is that some of these Park buildings include heat and/or water, and the value of the municipal parks etc.. When its added all up its still $2,300 vs. $500 a month for a college student! It’s a no brainer that is driving up demand and rental rates.

For those looking to invest in the Park, purchase volumes and prices on multifamily buildings have gone up in 2015. In 2014 only three 4 unit buildings sold in Grosse Pointe Park for an average of $153,000. Just over halfway through 2015, already five 4 unit buildings have sold at an average of $163,600 and four out of five of those buildings were on the market less than a week. There is pent up demand for multifamily buildings, with 8 duplexes and only one 4 unit building currently on the market in the Park

The action in the Park is creating a buzz that is good for the community as a whole. Rising rental rates and demand for higher quality rentals is improving the multifamily housing stock and thus prices are continuing to trend upwards. College students living here and experiencing the pace of life and parks firsthand will hopefully make the choice to become homeowners in one of the Pointes down the road. To learn more about the Grosse Pointe Housing Foundation, or to donate go tohttp://gphousing.com/.