A step forward for Lee Plaza
We'll believe it when we see it. Redevelopment plans for Lee Plaza took another step forward this month when developers received a low-income tax credit from the state for the $60 million project. The 17-story stand-alone building on West Grand Boulevard near Grand River has been vacant for decades. Redevelopment would include 117 apartments for income-eligible seniors, plus additional housing in a later phase. If all goes as planned, construction could start next summer. The redevelopment is being led by the Roxbury Group and Ethos Development. Detroit Free Press
Lafayette West lands key construction loans
Construction started this fall on Lafayette West, a large residential development just east of downtown. Developers secured loans totaling $52 million this month from UC Funds and PACE (Property Assessed Clean Energy program). We could see two of the buildings come out of the ground in early 2022. The development will bring over 300 units online, both for rent and for sale. Crain's Detroit Business
More funding as United Artists Building moves toward renovation
More forward momentum is happening on another long-vacant building in Detroit. Developers for the United Artists Building have requested additional loans from the Detroit Development Authority to cover rising costs in construction. The announcement for the renovation of the building occurred in 2017, but a number of obstacles have hindered its progress. The building is owned by Olympia Development, and the development will be led by Emmett Motten Jr. When completed, the building will house 148 apartments and retail space. A groundbreaking could happen as early as February. Crain's Detroit Business
