DETROIT (WXYZ) — The Detroit Economic Growth Corporation (DEGC) announced Wednesday that the Michigan Economic Development Corporation (MEDC) has awarded the corporation a $14.5 million grant to support critical developments in Detroit through the Revitalization and Placemaking (RAP) 2.0 program.
“The grant will provide crucial gap financing to support five mixed-use developments, most of which are led by African American developers,” DEGC said.
Totaling over $255 million in investments, five neighborhood develop projects in strategic areas in Detroit have been identified under the program.
Detroit Economic Growth Corporation
The include:
- Broadway Lofts - The Broadway Lofts development, led by Roger Basmajian, will convert three buildings at 1322, 1326 and 1332 Broadway Street into mixed-use property with ground-floor retail space and mix of market rate and affordable apartments.
- Fisher 21 Lofts - The Fisher 21 Lofts project, led by Greg Jackson and Richard Hosey, will convert a 600,000-square-foot building into market rate and affordable apartments, along with retail and coworking space.
- The Arthur Murray Building - The $14.9 million mixed-use development led by Emery Matthews will convert the abandoned 25,242 square-foot Arthur Murray Building into residential apartments and ground-floor retail space.
- The Deco - The development at 16703 E. Warren, Brandon Hodges and Damon Dickerson, will be transformed into six new rental apartments and a ground floor restaurant to be occupied by La Jalisciense Taqueria.
- Jefferson Intermediate School - The Jefferson Intermediate School, located at 950 Selden Street and 960 Frank Street, will be transformed into a multi-tenant office and innovation/co-working space. Led by Midtown Detroit, Inc. and Invest Detroit, the facility will also serve as the new Invest Detroit
