New apartments are now under construction in the North End. City officials joined developers early this week to break ground on The Beauton, which will bring 29 apartments to the neighborhood.
The $7.3 million project is led by Detroit developer Charles Dickerson III. The Beauton will have 10 micro studio apartments, 15 studios, two one-bedroom apartments, and two two-bedroom apartments. These apartments will be listed as affordable, with rents offered to those making between 50-120% Area Median Income (AMI), with over half under 80% AMI. This means the micro studios could go for about $700 per month.
Funding is coming from a variety of sources, including a $500,000 loan from the recently created Ebiara Fund, which supports developers of color. The Beauton is also supported from a $1.55 million loan from the Detroit Housing for the Future Fund, a $1.497 million grant from the Michigan Economic Development Corporation, and loans and grants from Capital Impact Partners. It's also receiving a $734,000 tax abatement over the next 15 years from the Detroit Economic Growth Corporation.
“I am truly grateful for the support that was made available by all of our partners on this project” said Charles Dickerson, whose company CADS III Management is developing the Beauton. “Making sure these apartments were affordable is important to us. Making sure the Beauton is attainable for all Detroiters is a critical part of the mission for this project.”
The development is located at Beaubian and Horton, a block away from East Grand Boulevard.
The Beauton is expected to be completed in summer of 2024.
