One of developer Joel Landy's motivations to begin preserving historic buildings in the area that is now called Midtown -- but is sometimes still called the Cass Corridor -- was a 1989 magazine article that showed three homes on Peterboro in a state of disrepair. He says he was infuriated to see "valuable treasures like this turned into junk."
More than two decades later, he's renovated almost every building on that very block, bounded by Woodward, Peterboro, Cass and Charlotte. Recently, he completed work on 39 and 61 Peterboro, along with a three-story carriage house. "Both were major structures (to undertake)," says Landy. "39 had no roof, and now they look just unbelievable."
Apartments are one- and two-bedroom and the rent ranges from $625 to $950 a month, including gated parking. The carriage house is three-bedroom, runs $1,250 per month, and includes a two-car garage and a private garden. The other homes on the "compound," which include 64 and 66 Charlotte, make use of a large shared back yard. "It's a special world inside the development," says Landy.
Landy's next job is the redevelopment of the historic Scott Mansion at Cass and Peterboro, which has suffered more than considerable damage over the years. He plans to turn it into 21 one-bedroom apartments and has already secured $2.6 million in tax credits for the project. As soon as a construction loan is secured, he plans to begin work. But he's not holding his breath. "I can't find a construction loan," he says, but not because it is located in Detroit. "Anywhere in the nation, this project would be on hold."
Once the Scott is complete, Landy plans to begin infill housing on any remaining vacant lots on the block.
This is the third Model D Development News article in the same number of weeks about Landy's development efforts in the Lower Cass Corridor. Read the others, about the historic Burton School here and commercial development on Cass Ave. here.Source: Joel Landy,
Cass Avenue DevelopmentWriter: Kelli B. Kavanaugh
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