One of three redevelopment projects on Broadway downtown took another step forward today. The Broadway Lofts Development received a combined $11 million from the Michigan Strategic Fund.
The project will see the redesign of three storefronts along the street, with a new nine-story building behind them. It will bring 80 new residential units - 20% for people making 60% Area Median Income - plus nearly 6,500 square feet of retail/restaurant space.
“For several years, we have been redesigning and value engineering this project in effort to set off construction cost increases and other challenges that have plagued the industry since COVID,” said Roger Basmajian, CEO and president of Basco of Michigan, Inc. “I am proud to say that we have found a financially feasible path to build a high-rise project without reneging on the promises made to the city under our development agreement to respect the historic district and to restore the building facades while creating density.”
It sits next to the Harvard Square Centre, which will be redeveloped by Bedrock into residential, and the Merchants Building on the corner, which is currently being redeveloped into a hotel by Method Development.
The Michigan Strategic Fund approve an $8,219,556 Michigan Community Revitalization Program loan, plus Brownfield Tax Increment Financing with state tax capture capped at $3,455,600.
The property sits next to the Paradise Valley District and a block away from the new Hudson's development.
