There’s a lot of talk on the high price end about Detroit real estate as of late, especially in the Midtown neighborhood. But here’s something different.
The four-story Treymore building just went through a $7 million redevelopment project and now has 28 one and two bedroom apartments for low income occupants.
The 1900s era building on Brainard had been abandoned for more than 20 years before Paradise Valley Investment Group (PVI) stepped up and bought the building for renovation.
“Restoring this building has been life changing,” says PVI president and CEO, Robin Scovill. “Its condition when we started, juxtaposed with the finished product, is shocking. That we’ve created beautiful homes for people that need them, and are now celebrating that achievement with Mayor Duggan, is a testament to amazing partnerships, perseverance, and the spirit of possibility that makes this city so great.”
The building had seen better days and needed a complete overhaul. Before being renovated the Treymore building was once used as a set for a zombie movie that Scovill’s son directed. The inside of the building needed to be almost completely gutted.
The building has all new windows, HVAC system, lighting, and roof. They also needed to replace a large portion of the bricks. There are additional upgrades on the outside of the building. A new fence for the park that is next to the apartment building, new elevator, and a new paved parking lot across the street for residents. The addition of the elevator and second entrance makes the apartments in compliance with ADA guidelines.
The project’s architect, Merz & Associates, were able to keep key historical features of the building like the tiled front entry, cast iron and oak railings, the beautiful scroll canopy, and the parapet cornice. They also highlighted the beautiful brickwork throughout the entire building in their design.
There are multiple layouts available, with even a few that offer a second floor. In addition to the 28 units, there is a community room and an on-site laundry facility.
Here is how the Treymore is able to offer affordable rents to tenants. The Michigan State Housing Development Authority (MSHDA) brought in $3 million in affordable housing tax credits. Cinnaire then helped to finance the credits. PVI also had several hundred thousand dollars in private equity and brownfield tax credits.
A one room bedroom apartment will cost between $550 and $575 a month and the two bedroom apartments will be between $655 to $750 a month.