These 5 Detroit Neighborhoods are Getting a $14.5M Investment
Detroit is on the brink of yet another exciting transformation, thanks to a generous $14.5 million state grant awarded by the Michigan Economic Development Corp.
This significant financial boost, aimed at supporting five neighborhood projects with a blend of residential, office, and commercial uses, opens up a realm of investment opportunities for astute landlords to take advantage of.
The grant, part of the MEDC’s Revitalization and Placemaking 2.0 program, is set to be administered by the Detroit Economic Growth Corp. (DEGC) alongside various city departments. This initiative represents a pivotal moment for Detroit, promising to invigorate neighborhoods with much-needed housing, job opportunities, and services.
Spotlight on Key Projects
First, let’s break down where the money is going. There are 5 developments receiving funding from the grant:
1. Broadway Lofts Development
This ambitious $38 million proposal aims to merge new construction with historic preservation, transforming three buildings on Broadway Street into a nine-story structure offering 80 residential units. Notably, 20% of these units will cater to those earning 60% of Wayne County’s area median income, enhancing affordability in the heart of Downtown Detroit’s Paradise Valley Neighborhood.
2. Fisher 21 Lofts
This project is set to revitalize the iconic Fisher Body No. 21 plant in Milwaukee Junction. This massive redevelopment will convert the 600,000-square-foot building into 433 residential units, alongside retail space and co-working areas. The project underscores a commitment to equitable, community-centered development, with a portion of units designated as income-restricted.
3. The Arthur Murray Building in East English Village
This $14.9M development in trendy East English Village will see a huge, 25,000+ sq. ft. historic dance studio converted into 32 apartment units and additional retail space, bringing much-needed housing to this highly sought-after neighborhood.
4. Jefferson Intermediate School District Project, Midtown
The old Jefferson School near Fourth Street and Selden Street is being transformed into an office building. The developer has promised that 20% of the office space will be dedicated to businesses owned by Detroit residents, and will be offered at below-market rents.
5. The Deco Development
$1.2M is going towards renovations on an 8,000 sq. ft. commercial building on East Warren Avenue, which will include a restaurant and 6 residential apartment rentals.
The Ripple Effect on Neighboring Areas
These developments are not only set to enhance their immediate surroundings but also to catalyze growth in neighboring districts. Areas adjacent to the central business district, Milwaukee Junction, East English Village, and Midtown stand to benefit from increased demand for housing and commercial spaces, spurred by these projects.
For instance, neighborhoods like Corktown and Brush Park may see heightened interest from renters and businesses alike, seeking proximity to the revitalized areas without the premium price tag.
Why Landlords Should Pay Attention
For savvy landlords, the unfolding developments in Detroit present a golden opportunity to expand their portfolios in a city making its resurgence. By investing in rental properties near these key projects, landlords can anticipate attractive returns as Detroit continues to attract residents and businesses drawn by the city’s revitalization efforts.
These neighborhood projects, supported by the $14.5 million state grant, signal a promising horizon for real estate investment. Landlords attuned to the potential of these developments, and the ripple effect on neighboring areas, stand to reap substantial rewards as Detroit continues on its journey of revitalization.
The team at Logical Property Management is here to guide you through expanding your rental property portfolio with ease. Contact us now for expert advice and support.