DETROIT—Boom times have arrived for this city's downtown multifamily market, but some developers want to make sure a significant portion of this new construction gets reserved for renters with modest incomes. Two nonprofit real estate developers of affordable rental housing, Develop Detroit and Preservation of Affordable Housing, Inc., have just revealed plans for a new mixed-use, mixed-income development in the historic Sugar Hill Arts District in Midtown Detroit.
The $32 million project will transform one acre of vacant space into 84 new mixed-income apartments and 7,000 square feet of commercial space. Of the new units, the developers will designate 25% as affordable housing for residents making 50 to 80% of the area median income.
“We are coming out of a long depression,” Sonya Mays, Develop Detroit chief executive officer, tells GlobeSt.com, and aside from the downtown units built or renovated very recently, “there has not been a whole lot of multifamily development in the last 30 or 40 years.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
