Michigan Real Estate News

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Jefferson Chalmsers’ Apartment Building Revived

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The renovated Marlborough Apartments in the Jefferson Chalmers neighborhood have opened. Jefferson East Inc. and its subsidiary, East Jefferson Development Corporation are responsible for the renovation of the 1927 building that houses. 8 unit apartments. They are also renovating another circa 1929 property on the north side of Jefferson. It will have 15 units. According to Mayor Mike Duggan, the second property has stood vacant for 50 years.  The two properties will reserve a total of 13 units for tenants with incomes between 50% and 60% of the area median income. The two and three bedroom units will range from $848 to $914 a month.

 

 

Some Question Bedrock’s 10-Year Tax Break

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A month ago, Detroit City Council Members stressed that stricter requirements for affordable housing are part of the $60 million tax break deal given to Bedrock’s Hudson’s site project. However, Bedrock LLC is almost completely in compliance with those requirements already.  As a result, the company won’t have to change much of anything in exchange for the 10-year tax break deal, including not having to add any affordable units to the project.  Some question if the city’s requirements for Bedrock are stringent enough. The Hudson’s site project is expected to be finished in 2024.

 

 

Corktown Receives A $50 Million Facelift

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The Michigan Department of Transportation and the city of Detroit are co-funding a $50 million renovation of the Corktown neighborhood.  The makeover will include dedicated lanes for autonomous vehicles, raised bike lanes and the removal and repurposing of its red brick pavers. The goal is to tie into Ford Motor Company’s renovation of Michigan Central Station and the vision of creating a connected corridor from Detroit to Ann Arbor. Corktown’s old brick will be removed, restored and reincorporated into other aspects of the roadway’s design. It will be replaced with new red concrete pavers. MDOT will fund $42.7 million, and the city will fund $7.32 million.