McCormack Baron Salazar Plans $60M Mixed Use Project on Detroit’s East Riverfront
- Aug 05, 2013
McCormack Baron Salazar, a St. Louis-based developer specialized in urban market revitalization, plans to add almost 300 rental units and small-scale retail space on Detroit’s east riverfront, along Atwater and Franklin streets.
According to the Detroit Free Press,the residential project was tentatively approved by the Economic Development Corp. of Detroit last week. Reportedly, the $60 million venture would fill a vacant site located east of the Renaissance Center, north of Atwater Street and west of the Dequindre Cut Greenway. It would include a mix of three- to four-story town houses and apartment buildings totaling 291 units, with monthly rents between $850 and $1,700.
The project’s total size is still unknown, but the first phase should be approximately 300,000 square feet with a groundbreaking set for the first quarter of 2014, while the second phase is expected to add around 200 apartments along Atwater Street west of Riopelle Street. Reportedly, most of this vacant property is owned by the Economic Development Corp. but the site could be transferred to McCormack Baron Salazar for $1 if the project meets the other terms of the agreement.
Designed by Urban Design Associates, the still-unnamed riverfront project will be financed through a $26.7 HUD loan, Crain’s Detroit Business reports. Other funds are expected from Goldman Sachs Urban Investment Group and McCormack Baron Salazar, which will provide $5.6 million in total equity capital. Invest Detroit will provide a $4.7 loan, and another $6.7 million could be granted by the Michigan Economic Development Corp. Community Revitalization Program.
Rendering courtesy of Urban Design Associates