A historic apartment building located in the Art Center area of Midtown will receive a $2.9 million renovation. LISC Detroit announced the upcoming renovation of the Belnord, which opened in 1914. The building will offer its rates as affordable and will not displace any current residents with the renovation.
The development is led by Ed Siegel's JacobStreet LLC. The development received gap funding through a $2.46 million loan from the Detroit Housing for the Future Fund.
The 24 apartments will be fully renovated, and five additional apartments will be added by using 3,000 square feet of space at the garden level. Renovations will also include a new roof and upgraded HVAC, plumbing, and electrical.
Units range from studios to three-bedroom apartments. The apartments will be offered at varying degrees of the Area Median Income (AMI). 11 will be offered at 80 percent AMI, 16 at 60 percent, and two apartments at 50 percent. Apartments will be available for Detroiters making between $28,000 and $44,800.
We've seen a few development announcements in this area this year. A mixed-use development from Petit Bateau is slated a few blocks closer to the Cultural Center. A 250-unit mixed-income development from American Community Developers is also planned just down Hendrie. The area sits across 94 from Milwaukee Junction, where development and business has taken off this year, and where Siegel has also developed properties.
