In 12 months, the Casamira Apartments in New Center should have new life.
There will be $10.2 million invested in the four story, 42,200 square foot property on Delaware street, near the end of the M-1 Rail under construction on Woodward. The faith-based economic development and employment training nonprofit Central Detroit Christian Community Development Corporation had the property donated to them.
They intend to turn the 1925 structure into 29 market rate apartments and 15 affordable housing units.
This week the Michigan Strategic Fund approved a $1 million performance-based grant under the Michigan Community Revitalization Program, as well as approximately $820,000 in property tax capture funds for the project.
The rest of the project will be financed through a mix of traditional lending, federal historic tax credits and an additional $2.5 million in city funds targeted to support affordable housing.
Construction should start in about a month.