More residential is coming to the busy Milwaukee Junction neighborhood. Funding has been secured and construction is underway at 450 Amsterdam, the former home of the Cadillac Motor Car Company.
Greatwater Opportunity Capital is leading the project, which will bring 90 loft apartments to the neighborhood. 20% of the units will be for those making 80% Area Median Income.
Funding for the $26 million project is coming from Greatwater, with $12 million in equity; a $9.5 million loan and $2.1 million bridge loan for Historic Tax Credits from Fifth Third Bank; $3.2 million in Federal Historic Tax Credit equity from JP Morgan Chase; a $2 million loan from Invest Detroit; NEZ tax abatements from the City of Detroit; and brownfield funding through the Michigan Economic Development Corporation.
The general contractor is Jonna Construction and the architect/designer is McIntosh Poris Associates.
The building dates back to 1905 and was designed by George D. Mason. Cadillac was in the building until 1920. It was also used by Rose Realty and Wescott Paper Products. Wescott moved out of the building in 2022.
It's one of many residential conversions taking place in the central neighborhood. The Piquette Flatts project is underway with 161 apartments. Preliminary work is ongoing at the Fisher Body Plant, which will bring over 400 apartments to the neighborhood.
