The Ilitch family's Olympia Development of Michigan and Stephen Ross's New York City-based Related Cos. says eliminating the affordable units at 2205 Cass Ave. comes at the request of UM.
UM has signed a letter of intent to lease all of the residential units in the tower "on a long-term basis," according to a statement from the university. It's pending Board of Regents approval.
https://www.crainsdetroit.com/real-e...rdable-housingOf the 261 units expected in the 18-story building that has yet to start construction at 2205 Cass Ave., 54 were to be deemed affordable at 40% to 50% of the Area Median Income. The overall number of affordable units in the broader District Detroit area is expected to remain the same — approximately 139 — but spread across different buildings.
"We are pleased to support the UMCI by delivering on their request for dedicated graduate student and faculty housing, which we look forward to beginning construction on this year," ODM and Related said in a statement. "This plan will create more than 1,000 construction jobs in the city and generate additional positive economic impact in The District Detroit and the city of Detroit. We plan to honor our commitment to create 139 affordable units in future residential projects in The District Detroit and continue to contribute to the growth of the city."
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