Doubt if it will happen.

Assume almost $10 million for the parking garage at, say, $ 15,000 per space, probably low, the balance of the budget would be $110,000,000..

Conventionally financed [[w/o regard to the use of your tax dollars and mine) $110,000,000 amortized over 30 years [[360 months) at 5% interest per annum, principle and interest pmts per month will be $590,000, or, $1741.90 per apartment.

The old rule of thumb [[w/o regard to Detroit's ridiculously high real estate taxes) is that operating costs [[principle, interest, r.e. taxes, and insurance, assuming tenants pay their own utilities) should be 50% of the rent.

Therefore, using those drive - by economics, your rent projections, Atticus, appear to be a little low. I'd say rents have to be $3500 per month, a highly unlikely target, assuming the use of your and my tax dollars reduce the costs quite a bit.

How does the forum feel about supporting projects like this financially, with our tax dollars?