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State money clears the way for Detroit apartment developments

Two Detroit developments have been named recipients of nearly $5 million in state-awarded money. The Ashley and Strathmore apartment buildings have received approval from the Michigan Strategic Fund for Michigan Community Revitalization Program Incentives. According to the Michigan Economic Development Corporation, the residential developments are expected to create tens of millions of dollars in total capital investment and nearly 30 full-time jobs.

Ashley Owner, LLC is transforming the old Milner Hotel into an apartment building. The flatiron-shaped building is located at 1526 Centre St. in downtown Detroit. Built in 1913 as the Henry Clay Hotel, the currently vacant hotel rooms will be turned into apartments for the first time.

Princeton Domino Investments, LLC and Lamont Street Partners make up Ashley Owner, LLC. The new owners plan 61 apartment units, 5,200 square feet of office space, and two storefronts. The renovation is receiving a Michigan Community Revitalization Program performance-based grant of $1 million and a state school tax capture valued at $482,075 from the City of Detroit Brownfield Redevelopment Authority.

The Ashley renovation is expected to create 25 full-time jobs and $8.2 million in total capital investment.

Another historic hotel, the Strathmore in Midtown, is also experiencing a transformation into apartments. The building at 70 W. Alexandrine is being developed by St. Louis-based McCormack Baron Salazar and designed by Detroit architects Hamilton Anderson. The developers expect construction to begin this spring.

The long-vacant, long-blighted building will be historically renovated to feature 129 apartments and 2,000 square feet of first-floor retail. Strathmore Apartments Limited Dividend Housing Association, LLC is receiving $3.5 million in a performance-based equity contribution from the Michigan Community Revitalization Program.

The Strathmore renovation is expected to created three jobs and $28.4 million in total capital investment.

Source: Michigan Economic Development Corporation press release
Writer: MJ Galbraith

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