Occupancy rates for housing in the greater downtown area of Detroit are through the roof, at somewhere around 98% depending on the month.
The $4 million development led by Barbat Holdings brings some “workforce housing” (as labeled by the developers) and retail space.
The Regis Houze property (connected the St. Regis Hotel) includes 48 one-bedroom units ranging in size from 525 square feet to 600 square feet, which will rent for $919 to $1,050 a month.
The eight studio units range in size from 310 to 365 square feet and will rent for $543 to $639.
Two two-bedroom units measure 870 square feet and will rent for $1,523. All units come standard with stainless steel appliances, granite countertops, wood veneer flooring, wood cabinets, and washers and dryers. Rents include heat and water. Gated parking is available for tenants.
The six-story building, connected to the St. Regis Hotel on W. Grand Blvd, was originally constructed in 1966 and has been vacant for many years.
The Regis Houze, the first project of the Capital Impact Partners-managed Woodward Corridor Investment Fund (WCIF), held its ribbon-cutting ceremony today in a prime location just off Woodward Avenue in the New Center area of Detroit.
The $30-million Woodward Corridor Investment Fund offers long-term, competitive fixed rate loans for building and renovation of multi-family and mixed-use properties. In addition to attracting residents and commercial activity, the goal of the Fund is to create social impact by establishing a sustainable corridor model and expand economic opportunity for all Detroit residents.
Investors in the fund include a mix of private and foundation funders. They include Capital Impact Partners, who also manages the fund, as well as the Calvert Foundation, The Kresge Foundation, Living Cities, the Max M. & Marjory S. Fisher Foundation, MetLife, PNC, and Prudential.
“We’re excited to bring much-needed residential housing to New Center and to be a part of the revival of Detroit,” said Dave Ebner, principle of Barbat Holdings.
Through Midtown Detroit Inc., an organization that has been pivotal to Midtown’s turnaround, developers from Barbat Holdings were introduced to Capital Impact Partners, a national nonprofit Community Development Financial Institution, which brokered the financing.
“It’s exciting to see this project near completion,” said Laura Trudeau, managing director of The Kresge Foundation’s Detroit Program. “Our investment in the Woodward Corridor Investment Fund was a unique one for the foundation, particularly in terms of the length of the commitment. But we knew it would jumpstart this kind of investment in Detroit, which is so needed.”
According to the developers, construction on the project has created 144 temporary jobs, and 17 permanent jobs are expected to be filled through the retail space on the bottom floor of the building.
To get more information or apply for housing, visit www.regishouze.com.