McCormack Baron Salazar
is planning on reserving 20 percent of its east riverfront development for affordable work-force housing. The units will be available for those whose income does not exceed 80 percent of the area median income.
The company plans to close on the east riverfront property this summer. It's expected to take 18 months of construction to complete the project. McCormack Baron Salazar chairman and CEO Richard Baron, a Detroit native, has ties to the east riverfront, where he worked at his grandfather's wool company as a young man.
The St. Louis-based developement firm is also involved in a high-profile project in Detroit's Midtown. The company plans to close on the neighborhood's old Strathmore Hotel in the first quarter of 2014. Baron expects that the 129-unit apartment building will also take 18 months before it's ready for residents.
While the Strathmore development is required to provide affordable housing as a result of tax credits used to fund the deal, Baron says that he wanted the riverfront development to provide work-force housing too, even if it didn't demand the same housing requirements. The majority of units in each development will be market-rate rentals.
"It's always been part of what we wanted to do. To have people working for the city and public agencies, to have teachers (be able to) live in the community," says Baron. "It's important for people who are working at public agencies and nonprofits to have opportunities."
The riverfront development
will be bordered by Atwater Street to the south, Woodbridge Street to the north, Riopelle Street to the west, and the Dequindre Cut to the east. 291 apartment units are planned for the development.
The Globe Building
, which neighbors the future development, is currently being transformed into the Outdoor Adventure & Discovery Center by Michigan's Department of Natural Resources
Source: Richard Baron, CEO and chairman of McCormack Baron Salazar
Writer: MJ Galbraith
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