DETROIT, May 26, 2017 /PRNewswire/ -- Olympia Development of Michigan today announced plans for hundreds of new affordable and market-rate rental housing units across six buildings in The District Detroit's initial phase of residential developments. Four existing buildings – The Alhambra, The American, The Eddystone and 150 Bagley – and two new-construction buildings will create an exciting mix of urban lofts and apartments in The District Detroit.
This initial phase of residential development includes 686 units, 139 of which will be designated as affordable at no more than 80 percent of the Area Median Income (AMI). These projects together meet Olympia Development's goal of 20 percent affordable housing throughout The District Detroit.
This is Detroit's largest single announcement of new apartment units, affordable units and redeveloped historic buildings in more than 20 years. American Community Developers, Inc. (ACD), a local developer with significant affordable housing experience, will team with Olympia Development on five high-profile properties near Little Caesars Arena. The highly-experienced, Detroit-based team at Bagley Development Group will partner with Olympia Development to redevelop the majestic 18-story structure at 150 Bagley, just west of Grand Circus Park.
"Olympia Development's plan to preserve several historic buildings and bring hundreds of new residential units into the heart of the city is a clear sign of the demand for housing in Detroit," said Detroit Mayor Mike Duggan. "The fact that they are including nearly 140 units of new affordable housing across these six developments aligns perfectly with our efforts to build a city that includes everyone."
"The District Detroit will be one of the most exciting places in the country to live," said Christopher Ilitch, president and CEO of Ilitch Holdings, Inc. "These six uniquely Detroit residential developments will be in the heart of the action, in a city on the rise."
The District Detroit, a 50-block, mixed-use development led by the Ilitch organization, is a world-class sports and entertainment destination built around eight theaters, all four major sports teams, three professional sports venues and new restaurants, shops, offices and places to live – connecting Downtown to Midtown Detroit into one vibrant area.
"I am very optimistic about the opportunity for a dynamic development at 150 Bagley," said Emmett Moten, Jr., Team Executive for Bagley Development Group and a veteran Detroit developer. "This well-known building has a high-demand location, and we believe its renovation will be well received by the entire community."
"We're excited to be part of such a transformational development in our hometown," said Jerry Krueger, president of American Community Developers, Inc. "We're proud to play a role in the renovation of three historic buildings as well as the development of new landmark properties in The District Detroit."
A Unique, Amenity-rich and Vibrant Residential Experience
The new residential developments in The District Detroit will offer a variety of great amenities including historic building living, in-unit laundry, high ceilings, plenty of windows, keyless entry, a tenant notification system and 24-hour package service – all in an exciting mix of vibrant shops, restaurants and bars and great proximity to the new QLINE street car:
- The Alhambra (100 Temple)
Built in 1899, this distinctive building in The District Detroit's Woodward Square neighborhood will offer 46 residential units and a retail component. Renovation is expected to start in 2018.
- The American (408 Temple)
This 11-story historic building in The District Detroit's Cass Park Village neighborhood was originally built as a hotel and will be redeveloped to include 163 units and a retail component. Renovation is expected to start in 2018.
- The Arena Lofts (120 Henry)
This new-construction mixed-use building will offer 153 residential units and first-floor retail adjacent to the new Little Caesars Arena Chevrolet Plaza in The District Detroit's Woodward Square neighborhood. Construction is expected to start this year.
- The Eddystone (110 Sproat)
This historic redevelopment in The District Detroit's Woodward Square neighborhood will include 96 residential units and first-floor retail in the well-known former Eddystone Hotel. Originally designed by Louis Kamper in the early 1920s, this development will offer spectacular views of Little Caesars Arena and the city. Renovation is expected to start in 2018.
- One Eleven West (111 Henry)
This new-construction mixed-use building will offer 80 new residential units and first-floor retail just south of Little Caesars Arena in The District Detroit's Woodward Square neighborhood. Construction is expected to start near the end of 2017.
- 150 Bagley
This majestic building, designed by C. Howard Crane in the 1920s, will offer 148 new residential units and first-floor retail just west of Grand Circus Park in The District Detroit's Columbia Park neighborhood. Renovation is expected to start near the end of 2017.
A Michigan Made, Detroit Built Development Team
Bagley Development Group, led by an African American ownership team, has a unique understanding of affordable and market-rate housing and a strategic team with a strong local presence that supports The District Detroit mission. The primary principals have several decades of experience in real estate development, management, design and construction.
ACD has been an active developer in the City of Detroit for over 20 years and currently has more than 2,200 apartments in the city. Recent developments include Crystal Lofts in Midtown, the historic Himelhoch building and Washington Boulevard Apartments downtown, Oakman Townhomes in Hope Village and Central Towers in southwest Detroit. Crystal Lofts is a mixed-use building located on Woodward Avenue in Midtown and is home to the Grey Ghost restaurant and the future home of New Order Coffee Roasters as well as the Mexican-themed Bakersfield restaurant. Oakman Townhomes is currently under construction and contains 72 affordable townhomes. Central Towers is currently under renovation and contains 232 affordable apartments.
To indicate your interest in residential developments in The District Detroit visit www.DistrictDetroit.com/Residential and follow us on Instagram, Facebook and Twitter.
About The District Detroit
The District Detroit is one of the largest sports and entertainment developments in the country. Located in the heart of Detroit, this 50-block, mixed-use development led by the Ilitch organization unites eight world-class theaters, five neighborhoods and three professional sports venues in one vibrant, walkable destination for people who want to live, work and play in an exciting urban environment. Home to the Detroit Tigers, Detroit Red Wings, Detroit Pistons and Detroit Lions – The District Detroit represents the greatest density of professional sports teams in one downtown core in the country.
Data from the University of Michigan demonstrates that The District Detroit will ultimately account for an economic impact of more than $2 billion by 2020 and create 12,500 construction and construction-related jobs and 1,100 permanent jobs. More than $100 million in income from the Little Caesars Arena alone is expected for Detroit residents, with significant additional income to be created through future private development.
SOURCE The District Detroit