"$31M apartment complex to fill last ‘void’ in Midtown"
Ho hum. Another midtown residential unit is green-lighted. Crain's reports, "...the project's other financing includes a $21.3 million U.S. Department of Housing and Urban Development 221[[d)[[4) loan, $1.4 million in HOME funds from the city of Detroit and $4.7 million in developer equity."
Question for the forum. Is it time to draw the line on government backing of projects in the "green zone"? It made sense when things were difficult and incentives were needed to get the ball rolling. But isn't the snowball on the other side of the hill and rolling down now? Shouldn't such amounts be incentivizing struggling neighborhoods now?
Happy to see it but starting to wonder.
Quote:
Detroit News details: "Developers will break ground this spring on a five-story, 110-unit apartment building planned for the last large vacant area on Woodard in Midtown.
The mixed-use development will be built on nearly two acres of space at 3439 Woodward, across from the Bonstelle Theatre. It will bring much-needed housing to the area about three blocks north of the new Little Caesars Arena.
Chris Jackson, Queen Lillian, LLC, partner, said the $31-million complex will have roughly 15,000 square feet of ground-floor retail space, two floors of parking and 11 affordable units. The apartment complex will be built on vacant land bounded by Woodward to the east, Stimson to the north, and an alleyway to the south. The site plan shows the building only stretching west halfway down the block, which ends at Cass...
http://www.detroitnews.com/story/bus...town/95673646/
Not cheap either according to Crain's
Quote:
...rents are currently expected to be about $2.10 per square foot but could ultimately end up being around $2.30 by the time the project opens.
The one- and two-bedroom apartments range from about 630 square feet to about 1,100 square feet, he said, which would put the rents at about $1,323 to $2,310 per month.""
