SOMA [South of Mack Ave] Development

[hybridy]

Total scope:

The project that is currently before this Honorable Body is the proposal of CCA to develop CityClub Apartments-Midtown on the approximately 2.4 acre site on the southeast corner of Mack andWoodward avenues.

The development is part of the Red Cross site master plan, bounded by MackAvenue, the former Red Cross building, Woodward Avenue, and the reinstated, privately- ownedextension of Eliot Street. A portion of the site is currently utilized for parking with the remainderof the site being vacant.

The project under consideration is a mixed-use development that will include three separatebuildings designed to exist cohesively with each other and are comprised of the following:
 A 32,000 square foot [[SF) single story retail building
 A 64,000 SF six-story mixed-use building with 12,500 SF of ground floor retail and77 apartments
 A 203,000 SF 16-story apartment building with 273 apartments

Within the three buildings, there is a proposed mix of one-bedroom, two bedroom, three-bedroom, studio, convertible, townhouse and penthouseunits.

Of the total amount of units, 20% will be set aside as affordable.The retail space that is planned for the site will host a national retail anchorto occupy approximately 31,000 SF. Another 4,000 SF is planned for anational bank on the site. The remaining retail space is planned to host alocal Detroit-based restaurant, coffee-shop and bakery.

There are currentlyon-going negotiations to solidify the users for all of the aforementionedretail spaces.Amenities for the development include a lounge, library, dog park, skyclub with rooftop pool and outdoor grilling stations, 24/7 Whole BodyFitness, wellness room, movie theatre, business center, conference room,and zen garden.

The proposed development will also offer three outdoorspaces to residents, patrons, commercial tenants and the surroundingcommunity.Two hundred and sixty-one [[261) parking spaces are proposed, of which186 spaces will be located below-grade on the site.

An additional 75 spacesare planned to be located at the adjacent SOMA parking garage via leaseagreement.The total cost for the development stands at $95 million. CCA anticipatesfinancing the project with senior and mezzanine construction loans, as wellas other possible economic incentives such as Brownfield TIF.

It is estimatedthat the project will generate 133 full-time labor and skilled trade jobs duringconstruction. Once completed, a total of 62 full-time, 55 part-time retail, andseveral management jobs are anticipated.