Details unveiled for Stephen Ross’ Detroit affordable housing plan – Detroit Free Press

Designs for a new 83-unit apartment building with affordable housing near Detroit’s Masonic Temple and Little Caesars Arena were publicly unveiled Tuesday night.

The development, called 3rd & Charlotte, would be a three-story, L-shaped building and is joint project between wealthy real estate developer Stephen Ross’ Related Cos. and the Detroit-based development firm The Platform.

During a virtual community meeting about the project, representatives for the two development companies said all of the proposed apartments would be leased at below-market rents to individuals and families making 60% of area median incomes, or about $34,000 per year for one person or $48,000 per year for four people.

The apartments would be a mix of studios, one-bedrooms and two-bedrooms.

“We think this income level is important to protect affordable housing going forward for Detroit’s workforce,” said Alison Carey, a senior associate with the Related Cos.’ affordable housing division.

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The project is contingent on the developers obtaining an award of Low-Income Housing Tax Credits next summer from the Michigan State Housing Development Authority, among other things. If all the various requirements are met, construction could begin in the fourth quarter of 2022, according to Myles Hamby, a senior development manager with The Platform.

Ross was in Detroit last week for the unveiling of a different development project: the planned new University of Michigan building, to be called the Detroit Center for Innovation, that would be built in partnership with the Ilitch family organization on a 4-acre parking lot west of the Fox Theatre.

The DCI campus also would include a 300-unit housing complex along Cass for student housing.

The 3rd & Charlotte project would be built on vacant land that the city sold earlier this year for $500,000.

“This site plan will change in the coming weeks as we continue our design, and so we will probably have another meeting here in the coming months where we will provide an update,” Hamby said.

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