Joint Venture Begins Work on Historic Apartment Rehab in Detroit
- Apr 28, 2014
Detroit—Ground has been broken on the redevelopment of Cass Plaza and the Davenport Building, two properties in the Cass Corridor in Midtown Detroit. The redevelopment of the buildings will provide affordable apartments for 47 families.
The project will consist of the renovation of two existing historic apartment buildings: one seven-story structure reportedly built in 1924 (3350 Cass Ave.) and another 3.5-story building reportedly built in 1918 (149 Davenport St.) The project represents almost $17 million of investment to the Midtown/Cass Corridor neighborhood, according to the entities undertaking the work.
The developers include Cass Corridor Neighborhood Development Corp. and Ginosko Development Corp. as the project sponsor, with Robert Zinser Housing Development Consulting participating as a consultant. Rohde Construction Co. is the general contractor and Fusco, Shaffer & Pappas is the development architects.
Construction is expected to be completed in May 2015, with residents moving in shortly thereafter. Once complete, KMG Prestige will be the buildings’ property manager.
Great Lakes Capital Fund invested just under $9 million in equity, via Housing Tax Credits, to rehabilitate the historic buildings, which are currently vacant and badly in need of repairs. The development also received a Smart Grant from the Detroit Economic Growth Council and a Green Grant from Enterprise.
Other funding for the project included monies from the Michigan State Housing and Development Authority, which allocated the 4 percent Housing Tax Credits and tax-exempt bonds. Yet more funding included the City of Detroit HOME loan funds; Wayne County HOME loan funds; and funding from Cass Corridor Development Neighborhood Development Corp., Midtown Detroit Inc., Dearborn Federal Savings, Michigan State Brownfield and Historic Tax Credits, and Federal Historic Tax Credits.