Soave Real Estate Group together with Mayor Mike Duggan celebrated the opening of Cortktown’s 151-unit residential unit consisting of six apartment buildings in a 11,400 square footage.
“What had been for years a sea of parking lots and a large vacant building is now a beautiful new residential anchor and public space in Detroit’s oldest neighborhood,” states Mayor Mike Duggan.
As the former Checker Cab building, this has been as the largest development Corktown has seen in years. Almost 70% of the apartment units have already been leased since the first resident moved in. It’s also worth mentioning that the Michigan Community Revitalization Program (MCRP) contributed $6.9 million as an investment towards the project.
The goal of the project is to house up to a total of 500 units and 30,000 square feet of retail with an activated alley connecting them all. With the first phase complete, the project shows no signs of slowing down.
Staying true to the Inclusionary Housing Ordinance, monthly rent ranges from $1,000 for one-bedroom units to $3,000 for a three-bedroom townhome.
Stacy Esbrook, director of the Community Assistance Team at the Michigan Economic Development Corp. states that, “Projects that bring housing to neighborhoods where people can actually afford to live and providing space for small businesses that are looking to grow or even start.”
This essentially opens up businesses to start in a very dense neighborhood. Surrounding areas have been rising up as well such as The Corner where the former Tiger Stadium stood boasting its 111 residential units on a 26,000 square foot lot.
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