A three-headed joint venture is proposing a new apartment and townhouse development that would also add more retail space and parking to Detroit's Corktown neighborhood.
The additional development plans emerge as Ford Motor Co. continues its work on Michigan Central Station nearby, the planned anchor of a $740 million autonomous and electric vehicle hub that is slated to bring 5,000 jobs to the enclave west of downtown. It has also spurred developer interest in the area, seeking to capitalize on the influx of new workers.
Farmington Hills-based Hunter Pasteur Homes, Chicago-based Oxford Capital Group LLC and Southfield-based Forbes Co. plan a new ground-up development with 188 apartments, seven townhomes, 12,451 square feet of retail, 46 surface-level parking spots and a 401-space parking deck, according to a posting late last week on the city's website.
Two of the three developers — Hunter Pasteur and Oxford Capital — are also leading the development team proposing the 227-room boutique Godfrey Hotel nearby. The two developments have long been viewed as different components of the same large-scale project.
A representative for the development team declined comment until after an informal community meeting is held on Thursday.
This is the first time specifics have been released about the multifamily component of the plan, the hotel portion of which came to light about a year ago.
The seven-story apartment building would also include about 9,385 square feet of retail space on the site at 1611 Michigan Ave., which city records say is about 0.8 acres, between 10th and 11th streets. City property records say that land is owned by an entity called AF Investments Inc., registered to Anthony Formosa in Allen Park, but according to the city website, the developer says the development sites are either already owned or under contract.
Twenty-percent of the 188 units would be deemed affordable for those making 80 percent or less than the federally designated Area Median Income. For a family of two, that is $50,240 and for a family of four, it is $62,800.
The use of the AMI is often criticized because it includes suburban household incomes and those skew upward the city's household income.
With a mix of studios, one- and two-bedroom apartments, the units would range from 490 square feet to 1,188 square feet.
At 10th Street and Church Street, the developers plan the seven townhomes ranging from 2,236 to 2,731 square feet with two and three bedrooms.
The three-story parking garage would be on the 0.361-acre site at 1501 Church St. that the developer paid $2.7 million for in October, according to city land records.
At Church Street and Trumbull Avenue, another 3,066 square feet of retail is ultimately envisioned.
The developer hopes to start construction by the fourth quarter after receiving all of their government approvals in the third quarter.
The first Community Benefits Ordinance meeting for the project is scheduled from 6-7:30 p.m. March 11.
The Detroit City Council has approved a $5.4 million brownfield plan for the Godfrey Hotel to clean up and demolish buildings on the property at 1401 Michigan Ave. as well as a $4.9 million commercial rehabilitation tax break, Crain's reported in November.
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Developers behind Godfrey Hotel plan propose nearly 200 residences in Corktown - Crain's Detroit Business
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