Shaw Neighborhood Housing Corporation closes on 4249 and 4249a Russell for Redevelopment
After months of trying, the SNHC closed on 4249 and 4249A Russell Ave. This is one of two properties on the 4200 block of Russell the SNHC is actively working to improve. The request for proposal has been posted and a formal proposal by at least one funded developer is expected by Friday, March 11, 2011.
The building is 4400 sq. ft and has been vacant for over 5 years. This is a property which was involved in the DHP real estate fraud case. Previously, the property was a nuisance property for years. The verbally proposed plan is to convert the four family into two 2200 townhouses, add two two car garages and sell them for 150,000-175,000 each.
As I have blogged about in the past, the SNHC is attempting to FINISH Shaw by eliminating existing vacant and abandoned properties. Currently, we have about 35 in an area with over 1800 buildings. 4247-49 Russell is another step in the right direction.