New $14M mixed-use development set for Midtown

A new four-story mixed-use development will bring 33 studios and 24 one-bedroom apartments to Midtown. Greatwater Opportunity Capital recently announced the $14 million project, which should be completed in 2025.

It's located at 3740 2nd Avenue, at the corner of 2nd and Brainerd (down the block and across the street from the Coronado Apartments). The development will include energy efficient windows, in-unit washer & dryers, and bike storage. It will also have first-floor commercial space and secure parking.

“Midtown is one of the strongest, most walkable communities in Detroit and we’re excited about bringing much-needed additional housing to the neighborhood,” said Greatwater Co-Founder Jed Howbert. “Our work is about much more than renovation and building structures—it’s about doing our part to build neighborhoods that can thrive for generations to come. The project at 3740 2nd Avenue is an important part of that work and we look forward to opening its doors to residents and business owners.”

20% of the apartments will be for those making up to 80% Area Median Income. This was possible through the city's NEZ tax abatements. The developers utilized Opportunity Zone funds and financing from Diversified Members Credit Union for the project. 

“Midtown Detroit, Inc. is thrilled that Greatwater Opportunity Capital decided to bring a mixed-use new construction project to the neighborhood,” said Midtown Detroit Inc. Executive Director Susan Mosey. “This project builds on their strong track record in apartment rehab and helps build even more density in a part of the district seeing significant signs of rebirth.”

Greatwater has completed rehab projects like the Kean and Hibbard buildings on East Jefferson and the Barbara in Southwest Detroit. This is their first new construction project.