Detroiters feeling the pinch of rising rental rates in the city's greater downtown have reason to turn their attention to Brainard Street. There, in the bustling development hotspot between Wayne State University and Little Caesars Arena is the Treymore, will be an affordable housing redevelopment that offers 28 one- and two-bedroom units to Detroiters earning 50 to 60 percent of the area's average median income.
Detroit Mayor Mike Duggan cut the ribbon on the redveloped apartment building this past Friday, Dec. 9.
"These are the kinds of projects the City of Detroit is happy to support because they are example of how Detroit comes back, there is room and opportunity for everyone," says Mayor Duggan. The city contributed $3.5 million in HOME program funds.
A number of other organizations contributed to the redevelopment, creating a patchwork of financing. The Michigan State Housing Development Authority (MSHDA) contributed $3 million in affordable housing tax credits. Cinnaire financed and syndicated the MSHDA credits. And the building's developer, Paradise Valley Investment Group (PVI), contributed hundreds of thousands in private equity and brownfield tax credits.
In all, it cost $7 million to renovate the building, which has sat vacant for over two decades. The condition of the building forced developers to completely strip it of infrastructure and start fresh, requiring the installation of new windows, energy efficient HVAC, and lighting. Also new is the roof, landscaping, and greenspace.
The Treymore is a four story, 30,000 sq. ft. building erected in the early 1900s. Two-thirds of the 28 units are already leased.
"Restoring this building has been life changing," says PVI president and CEO, Robin Scovill. "Its condition when we started, juxtaposed with the finished product, is shocking."
The Treymore is located at 457 Brainard St.
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