Detroit developer plans $14 million mixed-use building in Midtown
Posted By: The Detroit News on September 12, 2023. For more information, please click here to read the source article.
Detroit-based Greatwater Opportunity Capital shared its plans Tuesday for a new mixed-use development in the city’s Midtown neighborhood.
The $14 million project at 3740 Second Ave. is the first new construction project for the firm, which has redeveloped properties in Detroit for affordable housing for the past decade.
“Midtown is one of the strongest, most walkable communities in Detroit and we’re excited about bringing much-needed additional housing to the neighborhood,” Greatwater co-founder Jed Howbert said in a statement Tuesday. “Our work is about much more than renovation and building structures — it’s about doing our part to build neighborhoods that can thrive for generations to come.”
The 39,355-square-foot project at the corner of Brainard Street will include 33 studios and 24 one-bedroom apartment units. Twenty percent of the units will be set aside at rent levels affordable for residents earning 80% of the area median income. The affordability was made possible through a neighborhood enterprise zone property tax abatement, officials said. The firm also received opportunity zone funds and financing from Diversified Members Credit Union.
The project will include first-floor commercial space, secured parking and a bike room. Each apartment unit will have energy-efficient windows and a washer/dryer.
Detroit-based McIntosh Poris is the architect and Eastpointe-based Monahan Company is the general contractor.
Construction is underway and is expected to be completed in spring 2025.
Sue Mosey, executive director of Midtown Detroit Inc., said Tuesday the organization is pleased to see Greatwater Opportunity Capital bringing a new mixed-use construction project to the neighborhood. The building will replace two raised multi-panel solar panels on an otherwise empty, fenced parcel.
“This project builds on their strong track record in apartment rehab and helps build even more density in a part of the district seeing significant signs of rebirth,” Mosey said.
Greatwater Opportunity Capital’s project portfolio includes 2,000 units across 54 buildings. Its past projects include the Kean, a 16-story Art Deco apartment building, and the Hibbard, a nine-story structure, both on East Jefferson.
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