DETROIT (WWJ) -- Half-a-dozen historic buildings will become 170 new homes in Detroit’s Lower Cass Corridor.
Cinnaire Solutions and Olympia Development of Michigan have received approval for their Henry Street Renaissance project, the governor's office announced Tuesday.
The project will see seven historic buildings becoming a 170 mixed-income residential unit community near Little Caesars Arena.
Fifty-percent of the units will be reserved for households that fall between 30% and 60% of Area Median Income — in other words, affordable housing.
“This development will offer much needed housing and will be complemented by a community center for residents, greenspace and parking – all of which will transform an entire city block of the Lower Cass Corridor,” said Keith Bradford, President of Olympia and The District Detroit.
Olympia says this project will see the revitalization of historic but underused buildings, increasing the market value and affordable housing in a busy area of downtown Detroit.
“Along with the leadership and expertise of Olympia Development, we look forward to breaking ground in the coming months and preserving a historic block in the Lower Cass Corridor while bringing quality newly renovated housing to Detroiters,” said Chris Laurent, president of Cinnaire Solutions.
The Michigan Strategic Fund approved a Michigan Community Revitalization Program performance-based direct loan for $6.493 million. The City of Detroit is offering an additional $2 million in local HOME funds in support of the affordable housing portion.
“This loan provides a significant financial step allowing us to close the gap that resulted from unprecedented development cost increases,” Laurent said.
Current residents will be able to remain in their homes during the renovations.
“We have worked very closely with the developers and appreciate their commitment to ensuring that existing residents can continue to live there during and after the renovation process at rents comparable to what they are paying today,” Julie Schneider, Detroit's Director of Housing and Revitalization Department said.