Industrial, Stevens buildings sell to joint venture between Roxbury Group...

[hybridy]

http://www.crainsdetroit.com/article...etween-roxbury

-bldg improvements
-new retail space
-retained senior housing

sounds like a win...

[ABetterDetroit]

The Roxbury Group is proving itself to be a exemplary devolopment company in this city. Retaining and improving low income housing, restoring shuttered buildings while taking a lead in brand new construction. They are looking like a true asset to the community.

[belleislerunner]

The article doesn't make any sense. It says the owners plan to invest $10 million in improvements. How do you pay off the cost of the improvements if it retains the same status [[i.e. affordable senior housing)?

[ABetterDetroit]

The capital improvements to the properties and low income rent retention would be a goals of the partner, Invest Detroit. Roxbury has the knowledge and skill to bring the project in on a budget.

[belleislerunner]

That still makes no sense. No smart person would give $10 million if there wasn't a way to recoup the cost. The whole project sounds fishy. What benefit does Invest Detroit get by wasting $10 million there when there is no economic improvement potential?

[401don]

That still makes no sense. No smart person would give $10 million if there wasn't a way to recoup the cost. The whole project sounds fishy. What benefit does Invest Detroit get by wasting $10 million there when there is no economic improvement potential?

This is just a guess on my part but perhaps a range of rents fall under the affordable housing category and after renovation the section 8 tenants would qualify for higher subsidies.

[hybridy]

This is just a guess on my part but perhaps a range of rents fall under the affordable housing category and after renovation the section 8 tenants would qualify for higher subsidies.

correct. the developers reap affordable housing & historic adaptation credits while section 8 provides stable rent. there's mention of duggan wanting 20% low income housing throughout downtown, so there may be additional subsidies to qualify for.

[1953]

If they want to do Detroit a favor, they will change this to market rate housing and construct affordable senior housing in one of our other neighborhoods that is not showing such potential.

1953

[southen]

If they want to do Detroit a favor, they will change this to market rate housing and construct affordable senior housing in one of our other neighborhoods that is not showing such potential.

1953

I am sure we will see them convert to market rate once they fulfill the stipulations in the historic credits and loans. Glad to see these being fixed though, they are among my favorite buildings downtown.