The Ribbon 'affordable' apartments project breaks ground on Detroit's east side

[Airforceguy]

The Ribbon 'affordable' apartments project breaks ground on Detroit's east side

An $8 million "affordable" apartment building is now in the pipeline for an east-side Detroit neighborhood.


The project's developer and various local dignitaries on Wednesday broke ground on The Ribbon, an 18-unit apartment development along East Warren Avenue in the East English Village area and with rents targeted at those making 60% and 80% of the area median income, or between $41,400 and $55,200 a year.


The mixed-use project is being developed by Detroit-based Flux City Development, with financing coming from:


a $600,000 loan from the Detroit Housing for the Future Fund;
a $1.4 million grant from the city's Strategic Neighborhood Fund;
$338,199 in preferred equity from the DHFF
$2.2 million from Capital Impact Partners;
CIP Equitable Development Initiative grant of $75,000;
and $1.3 million from Michigan Economic Development Corp.
"I can't think of a better first project for Flux City," developer Edward Carrington said in a news release. "I am grateful for the support of both the Detroit Housing for the Future Fund and the Strategic Neighborhood Fund and other partners that helped make this a reality. I'm also thankful for the support of my new neighbors along the East Warren corridor. This is going to be the place to be in Detroit."

https://www.crainsdetroit.com/real-e...ground-detroit

[Richard]

People in that income bracket can well afford to buy a land bank house,renovate it and live mortgage and rent free.

[DetroiterOnTheWestCoast]

Looks like it’s on a stretch of Warren that can use some redevelopment. Getting people living on the commercial corridors is a great idea.

[DetroiterOnTheWestCoast]

Model D reports that there has been a ceremonial groundbreaking for this project, and that first floor commercial space has a tenant - Gajiza Dumplings.

https://www.modeldmedia.com/devnews/...DUP++-++015157

[Gistok]

Isn't this on the site of the long ago Standard Federal Savings & Loan Bank building of the mid 20th century?

Across the street the yellow building used to be the original 48224 Post Office... Kensington Station... before it moved long ago to Harper at Morang... but still kept its' Kensington Station name at the new location.

[Kathleen]

^^ Sure enough is! Since I grew up only blocks from East Warren and Outer Drive, I looked up the address to see where along East Warren this new apartment building will stand. I'm hopeful that this will stimulate additional redevelopment along this corridor. Maybe even give a boost to the renovating the Alger Theatre!

[Gistok]

^ Kathleen, although I lived farther east [on Marseilles St.], that used to be the first bank I kept money in, as a kid.

I also remember a bit later that Erv Steiner used to run his businesses in an attractive building across from the Alger Theatre. I had only been in that theatre once as a kid, mostly going to the Vogue and the Woods Theatres. I also used to go to the Jefferson branch of the Detroit Public Library, just north of the Alger on East Outer Drive.

[Kathleen]

^^Gistok: I practically lived at the Jefferson Branch library! During the summers, I would ride my bike there, fill the basket with 10 books [[the max allowed), and be back in a couple days for more. When I was in high school, it was a nice quiet place to study and do research for reports. Always thought I would enjoy working there!

My first bank was actually the Detroit Bank & Trust on Mack at Hillcrest. Later I had an account at the new Manufacturers Bank on E Warren and Bishop.

East Warren and Outer Drive was a terrific intersection! Within the 1 block area: movie theatre, library, post office, drugstore [[Cunningham's), dime store [[Kresge's), Sanders, Sabre Lancer [[best burgers back in the day), Red Carpet [[although I was too young to go there), A&K Oriental [[for afterschool candy, popsicles, and bahklava).