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New Apartment Development Construction in Downtown Detroit

An artistic rendering of the Broadway Lofts, a new mixed-income apartment building in Downtown Detroit, highlighting modern urban architecture.

News Summary

A new apartment development named Broadway Lofts is set to commence construction in Downtown Detroit, featuring 80 mixed-income apartments and commercial space. Supported by significant state-level incentives totaling over $10 million, including an $8.2 million loan from the Michigan Strategic Fund, this nine-story building aims to revitalize the area. Construction is expected to start in September and will take around 18 months to complete, contributing to the ongoing revitalization of the Historic Paradise Valley Entertainment and Cultural District.

Exciting Times Ahead for Downtown Detroit with New Apartment Development!

Downtown Detroit is buzzing with excitement as a new apartment development, temporarily named Broadway Lofts, is set to bring life to the area! With the green light for state-level incentives approved and a hefty price tag of $38 million, this project is one that the local community has eagerly been awaiting.

A Fresh Addition to the Skyline

This impressive nine-story building will house a total of 80 mixed-income apartments, providing a perfect blend of luxury and affordability. And it gets even better! The development will also incorporate around 6,500 square feet of commercial space that could soon be home to a charming restaurant and perhaps even a small food market. Can you imagine grabbing a bite just steps away from your apartment? Sounds delightful, doesn’t it?

Where It All Happens

The Broadway Lofts will be rising from the addresses of 1322 to 1336 Broadway. To make way for this fabulous new building, the plan involves some necessary demolition to the interiors of three existing three-story buildings. But don’t worry, not all is lost! The historic facades of two of these buildings will be lovingly preserved, keeping a piece of the past alive. Unfortunately, the facade of 1332-1336 Broadway has seen better days and will need to be rebuilt from scratch.

Funding the Dream

So, what makes this exciting project possible? The answer lies in the generous support from the Michigan Strategic Fund. They have approved an $8.2 million loan through the Michigan Community Revitalization Program. But that’s not all—there is also a Brownfield tax capture of up to $3.5 million, all aimed at turning dreams into reality. In total, over $10 million has been secured from local and state incentives and tax breaks to bring this project to fruition. Without these crucial funds, the project would not be feasible.

Who’s Behind This Ambitious Project?

Leading the charge for Broadway Lofts is Basco, a homegrown Detroit company headed by a passionate leader. His vision focuses on revitalizing an area that has long struggled with a lack of housing options and has seen many buildings sit empty for years. The need is clear, and the plans are now in motion!

Construction Kicks Off Soon!

Mark your calendars! Construction is expected to kick off in September and will take about 18 months to complete. Although the final name of the development is still under wraps, it’s leaning toward being called The Reckmeyer. This title pays homage to the Reckmeyer Building, which once housed a fur clothing business all the way back in the late 1800s. How cool is that?

Apartment Details That Will Make You Feel at Home

As for what’s inside, the market-rate rents for the apartments are set to bring variety to potential tenants. Studios will be available from $940 to $1,448, while one-bedroom units will range from $1,007 to $1,993. And if you’re looking for something spacious, two-bedroom apartments will be priced at over $3,000. To ensure inclusivity, 20% of these units are reserved for residents earning 60% or below the area median income. For context, that means around $40,320 for one person or $46,080 for two.

The Bigger Picture: Revitalizing Paradise Valley

Not only is the Broadway Lofts project an exciting addition, but it is also part of a larger revitalization effort in the Historic Paradise Valley Entertainment and Cultural District. This area is poised for growth, and with exciting prospects like the 11-story Harvard Square Centre building potentially being converted into apartments by another major firm, the future looks promising for downtown Detroit.

With all these developments on the horizon, the stage is set for a vibrant community to flourish in the heart of Detroit. From mixed-income living to new dining options, the Broadway Lofts project is sure to enhance the fabric of our beloved city!