Developers Add More Housing Units to Growing Midtown Detroit
By Veronica Grecu, Associate Editor
A Bingham Farms-based real estate management and development company will soon add 12 apartment buildings in the southwest corner of Midtown Detroit.
As reported by Model D, The Slavik Company is moving forward with the sixth phase of construction at Woodbridge Estates—a mixed-income residential community that broke ground more than a decade ago and is bounded by Canfield Street to the north, M-10 to the east, Martin Luther King, Jr. Street to the south and Gibson Street to the west. Woodbridge Estates currently consists of 281 rental units and 51 occupied single-family homes and townhouses.
Slavik’s new development project calls for 12 brand new residential buildings totaling 46 rental units that will be occupied by residents who earn up to 60 percent of the area median income. According to Model D, which quoted Slavik’s vice president Eric Gold, the first units are expected to be ready for occupancy by July 2014. The apartments will be offered for rent with a lease-to-own option (after 15 years of leasing, residents will have the opportunity to buy their apartments).
Another residential development that is about to break ground in Midtown Detroit is 609 E. Kirby Lofts. The $6.9 million renovation project was announced recently by a partnership between the Michigan Economic Development Corporation (MEDC), two community development finance institutions (Capital Impact Partners and Invest Detroit) and a subsidiary of Midtown Detroit, Inc. called the University Cultural Center Association, a non-profit organization that supports the revitalization of Midtown by encouraging new housing and commercial development in the area.
According to an official statement, the historic Tushiya United Hebrew School located on the 600 block of E. Kirby Street close to Detroit’s Cultural Center will be renovated and converted into 25 market-rate rental apartments by developer Richard Hosey III, who has owned the abandoned property since 2011. The project is expected to welcome its first residents in early 2015.
The two-story Tushiyah United Hebrew School was built in 1922 to serve as the headquarters of the United Hebrew Schoold of Detroit under plans designed by architect Isadore M. Lewis. Seven years later the school closed and the building was sold to the Scott Memorial Methodist Episcopal Church. Over the following decades the building changed hands various times.
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Image via lost Synagogues of Detroit
Tags: 609 E. Kirby Lofts, affordable housing, Architecture/Design, Consumer, Conventional - Market Rate, Detroit Lead Story, Developers, Development, Finance/Investment, Financiers, Investors, leasing, Local, market-rate apartments, MEDC, Midtown Detroit, multi-family, National, Professional, Regional, Renovation project, rental apartment, Residential, The Slavik Company, Tushiya United Hebrew School, Woodbridge Estates