News Summary
The Michigan Strategic Fund has approved $11.6 million for the Broadway Lofts project in Downtown Detroit. This ambitious development will feature a nine-story apartment building with 80 mixed-income units and commercial space, revitalizing the Historic Paradise Valley neighborhood. With construction starting in late summer 2025, the project aims to enhance urban living while preserving the historical facades of existing buildings.
Exciting Developments on Broadway Street in Downtown Detroit
Great news for those keeping an eye on the revitalization of Detroit! The Michigan Strategic Fund has just given the green light to a fantastic new project known as the Broadway Lofts development, with an impressive $11.6 million in public financing approved. This highly anticipated project is set to bring new life to the Historic Paradise Valley neighborhood, located right on Broadway Street.
Bringing in New Homes
So, what exactly is the Broadway Lofts project? It’s an ambitious undertaking featuring a new nine-story apartment building that will beautifully incorporate the facades of two existing three-story buildings on Broadway. With construction expected to kick off in late summer, we’re looking at a timeline of about 18 months for this exciting transformation. The total estimated cost for this revitalization is $38 million.
What’s in store for the residents? The Broadway Lofts will host 80 mixed-income apartments, providing much-needed housing options for a city that’s been craving more residential spaces. As for the pricing model, rent for these new homes will range from $940 to over $3,000, depending on the unit size. Additionally, about 20% of the apartments will be set aside at below-market rents, catering to eligible individuals earning around 60% of the area median income, which is approximately $40,320 for a single person.
Commercial Space to Liven Up Broadway
But that’s not all! The ground level of the Broadway Lofts will feature around 6,500 square feet of commercial space. This opens the door for exciting possibilities, including a restaurant and a small food market, enhancing the vibrancy of the area. Located between 1322 Broadway to 1336 Broadway, this project aims to repurpose the neighborhood while paying homage to its historical roots.
Preserving the Past While Building for the Future
In a clever blend of the old and the new, the project will maintain the historic facades of two existing buildings, giving a nod to Detroit’s rich history. However, it’s important to note that the interiors of these buildings will be demolished, and plans to rebuild the facade at 1332-1336 Broadway are in place due to its current deteriorated condition.
Financial Backing Fuels Development
The financial framework of the Broadway Lofts project is carefully crafted, heavily relying on state and local incentives. The recently approved $8.2 million loan via the Michigan Community Revitalization Program, along with a Brownfield tax capture of up to $3.5 million, plays a pivotal role in making this development a reality. In addition, the project has previously secured over $10 million in tax breaks and support from various incentives.
What’s Next for Broadway Lofts?
Led by Basco, a firm rooted in Detroit, the Broadway Lofts project is seen as vital for a district that has long needed more residential options. As these existing buildings have sat vacant for years, the push for development comes at a crucial time for the city’s progress.
The Broadway Lofts development isn’t just another construction project; it stands as a symbol of growth and opportunity. It is poised to not only address housing shortages but also enhance the neighborhood with vibrant commercial options. As we await construction to begin in September 2025, there’s speculation that the final name might align with its historical significance, potentially becoming The Reckmeyer, referencing the original fur clothing business that occupied the Reckmeyer Building back in the late 1800s.
As the clock ticks toward construction, one thing is clear: the Broadway Lofts development is about to usher in an exciting era for downtown Detroit!
