New Corktown residential developments land state funding

A trio of new residential developments in Corktown and North Corktown received state funding today. In total, these developments will add 150 new mixed-income residential units to the neighborhoods.

The second phase of Left Field will be built at the site of the old Tiger Stadium. It will be four stories, with three residential and parking on the first. The development will have 53 units of mixed-income apartments, with some offered at 30% Area Median Income (AMI). The $16.3 million development has a variety of funding sources, including a $2.7 million Michigan Community Revitalization Program performance-based loan, a $980,000 in “Missing Middle” funds from the Michigan State Housing Development Authority, and an NEZ tax abatement worth $2,072,147.

The Red Arrow Lofts are part of the Perennial Corktown development. Because of feedback from the community, the developers kept the historic building instead of demolishing it, and will transform it into 28 lofts. A few will be offered to those making up to 60% AMI. Hunter Pasteur and Oxford Perennial are leading the development of this building; they're finishing up a large apartment building along Michigan Avenue, with townhouses behind it and a new parking deck next to the Lofts building. 

The $12.8 million project is supported by a $2.2 million MCRP performance-based loan, $464,643 in tax capture for brownfield activities, and an NEZ tax abatement at $3.7 million.

In North Corktown, the Preserve on Ash will bring five two-story buildings to a 2.16 acre vacant site. 69 mixed-income apartments and commercial space are included in this development. It will have market-rate apartment, some at 60% AMI, and project vouchers available for lower-income residents. The $37.9 million project received a $2.3 million MCRP performance-based loan, and has also acquired $750,000 in state brownfield funding, $1.5 million in American Recovery Plan Act funds, $2.7 million in U.S. Housing and Urban Development Choice Neighborhoods Implementation funds, and $1.7 million in city Community Development Block Grant funds. This one could be completed in 2025. 

“We thank Governor Whitmer and the Michigan Economic Development Corporation for their continued support of our efforts to create more vibrant, mixed-income neighborhoods throughout the city of Detroit,” said Detroit Group Executive for Housing, Planning and Development Donald Rencher. “With today's approval of funding for these projects, we are ensuring that residents from all walks of life and income levels have an opportunity to live in the Corktown neighborhood.”