On Tuesday, the Michigan Strategic Fund approved a $6.493 million Michigan Community Revitalization Program performance-based direct loan for a long-planned renovation of several buildings in the lower Cass Corridor. The Henry Street Renaissance Project will bring 170 apartments to the District Detroit.
The project is a collaboration between Olympia Development and Cinnaire Solutions. The City of Detroit is also giving $2 million in local HOME funds for the project.
The development covers seven apartment buildings in the neighborhood, which sit just a few blocks from the Little Caesars Arena. The apartments will be a combination of market rate and "affordable," with 50 percent going to those who earn 30-60% Area Median Income.
“We appreciate this level of funding support from our state policy makers," said Chris Laurent, president of Cinnaire Solutions, in a press release. "This loan provides a significant financial step allowing us to close the gap that resulted from unprecedented development cost increases. Along with the leadership and expertise of Olympia Development, we look forward to breaking ground in the coming months and preserving a historic block in the Lower Cass Corridor while bringing quality newly renovated housing to Detroiters."