City officials and developers on Thursday opened the Osi Art Apartments in Detroit’s Woodbridge neighborhood, where half of the building’s units will be set aside for affordable housing.
Fifteen of the 30 units in the $ 6.6 million development will be reserved for people at 80% of the region’s median income, for an income range of $ 40,000 to $ 60,000. The exact rent for the units has not yet been determined.
The four-story building located at 3820 Grand River Ave. aims to include three studios, two two-bedroom apartments and 25 one-bedroom apartments. The 25,000 square foot development will also include 5,000 square feet of commercial rental space.
The building is expected to be completed in early 2022.
The developers are George N’Namdi, who heads the N’Namdi Center for Contemporary Art, and Roderick Hardamon, CEO of URGE Development Group. Their goal with the project is to add more design and bring an arts-focused building to Grand River Avenue, the couple said at the grand opening Thursday.
“I wanted a housing or construction project that had a creative or design component. This is what I hope we achieved here,” N’Namdi said.
With this project underway, Hardamon said he and N’Namdi wanted to build a pipeline for other development companies to follow in their footsteps.
“How do you find out how to honor, preserve and empower the communities we have partnered with? That was our goal and our mission.”
Osi Art Apartments received an investment of $ 470,000 from the Detroit Housing for the Future Fund, a $ 48 million public-private partnership launched last month, making it the first project to close an investment, said Tahirih Ziegler, executive director of Detroit Local Initiatives Support Corp.
“When we talk about funding, it is difficult to bring projects to fruition without some support,” she said. “The concept of a cultural gallery and mixed-use affordable housing space is really important to the neighborhood.
Financial support for the project includes:
- A low-interest $ 1.25 million loan from Michigan Economic Development Corp.
- $ 360,000 in Detroit Brownfield Redevelopment Authority Tax Increase Refund
- A tax rebate for commercial rehabilitation that reduces property taxes for 10 years
- $ 4.2 million in funding through the Detroit Housing for the Future Fund, which LISC manages alongside the City of Detroit.
- A $ 1.6 million loan from Invest Detroit and the Michigan Community Revitalization Program
Detroit Mayor Mike Duggan said the apartment building would keep more residents in the city.
“We are committed to building in all parts of this city. Grand River is starting to come back in a positive way. Now is another step,” he said. “… We believe that all income earners should live in every neighborhood in this city and that affordable housing does not just happen.”
The Osi Art Apartments will be part of the West End Gallery District which aims to celebrate arts and culture with galleries, retail, restaurants, bars and mixed-use housing projects.
The building was designed by Quinn Evans and VolumeOne Design Studio. Lewand Building is the general contractor.