For the first time in a decade, new housing is coming to the New Center neighborhood. With the support of M-1 RAIL project partners, Midtown Detroit, Inc, and The Kresge Foundation, Barbat Holdings utilized the Woodward Corridor Investments Fund to bring Regis Houze to fruition.
The $4-million development brings much needed workforce housing and retail space to an area where occupancy rates have hovered at 98 percent. The six-story building, connected to the St. Regis Hotel on W. Grand Blvd, was originally constructed in 1966 and had been vacant for many years. Barbat Holdings stabilized and renovated the building to create 58 apartments, with rents that will begin at $543 a month, as well as two retail spaces on the ground floor.
The Regis Houze property includes 48 one-bedroom units ranging in size from 525 square feet to 600 square feet, which will rent for $919 to $1,050 a month. The eight studio units range in size from 310 to 365 square feet and will rent for $543 to $639. Two two-bedroom units measure 870 square feet and will rent for $1,523. All units come standard with stainless steel appliances, granite countertops, wood veneer flooring, wood cabinets, and washers and dryers. Rents include heat and water. Gated parking is available for tenants. The property also is located at a hub of transit connectivity for the region. Adjacent to the property is the West Grand Boulevard station for the M-1 RAIL line which will launch operations in early 2017. The site also sits along the planned Woodward Avenue BRT line, a bus rapid transportation project being developed by the Regional Transit Authority of Southeast Michigan.
“We’re excited to bring much-needed residential housing to New Center and to be a part of the revival of Detroit,” said Dave Ebner, principle of Barbat Holdings. “We are so thankful to the Woodward Corridor Fund and all of its partners, especially Capital Impact Partners, whom we worked closely with through closing and construction. Without this forward-thinking lending program, this deal would have been impossible to accomplish.”
The $30-million Woodward Corridor Investment Fund offers long-term, competitive fixed rate loans for building and renovation of multi-family and mixed-use properties. In addition to attracting residents and commercial activity, the goal of the Fund is to create social impact by establishing a sustainable corridor model and expand economic opportunity for all Detroit residents. Launched in 2013, investors in the fund include Capital Impact Partners, which also manages the fund, as well as the Calvert Foundation, The Kresge Foundation, Living Cities, the Max M. & Marjory S. Fisher Foundation, MetLife, PNC, and Prudential.
Regis Houze is currently accepting applications for housing and expects to open for residents next month. The $50 application fee will be waived for interested tenants who apply by Nov. 21. For more information on Regis Houze, please visit www.regishouze.com. You can also email email@example.com, call 313-888-9111, or visit the office at 3075 W Grand Blvd. from 9 a.m. to 5 p.m. Monday through Friday, and 10 a.m. to 4 p.m. on Saturday.