Market Overview

Real Estate Development In Detroit: 3 Projects Underway

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Real Estate Development In Detroit: 3 Projects Underway

Interested in learning about the growing real estate development sector in Detroit?

Let's say you’re interested in proposing a new real estate plan, but don’t have the funds to do so. Both national and state programs are available to help.

The national programs include conventional mortgages, FHA loans, VA loans and USDA loans. The state-issued loans include the MI Home Loan, the MI Home Loan Flex, MSHDA Down Payment Assistance and Mortgage Credit Certificates.

What Is An RFP?

An RFP is a request for proposal,” and it’s a project funding announcement posted by a business or organization.

This way, companies can respond and place bids to help complete said project if they believe it will be successful. In Detroit today, there are 27 RFPs out on developments. Here's a few to keep an eye on.

Fitzgerald

The Fitzgerald Revitalization Project is in pre-development. Located directly west of the University of Detroit Mercy’s McNichols campus and led by the city of Detroit, this project is an initiative to transform publicly owned vacant land, buildings and lots to stabilize the neighborhood.

This project is supported by The Kresge Foundation, Michigan Economic Development Corporation, Enterprise Community Partners and the Speedwell Foundation.

Orleans Landing Phase I

Located near General Motors Company (NYSE: GM)'s Renaissance Center and Stroh Place, Orleans Landing Phase I is a completed $65-million development on the East Riverfront.

It’s a complex with 278 apartments. Fifty-six will be set aside to residents earning up to 80% of the area median income. This project helps drive interest in living and moving downtown without driving people out. It’s financed through HUD’s conventional FHA 221 (d) 4; Invest Detroit; and public funds from the Detroit Economic Growth Corporation, Detroit Brownfield Redevelopment Authority and the Michigan Economic Development Corporation.

Food Accelerator

Located in Eastern Market, the “Food Accelerator” project is in pre-development status with support from the city of Detroit and the Detroit Economic Growth Corporation.

It’s a $19-million redevelopment of a damaged building that was previously part of the Detroit Water and Sewerage Department. It aims to be a new addition to the acclaimed outdoor market, offering amenities like restaurants, breweries, and retail. In addition, the food accelerator plans include food processing, preservation, storage and production facilities.

Posted-In: DetroitEducation General Real Estate Best of Benzinga

 

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