Starting early 2019, Midtown’s affordable housing development, Cathedral Tower, is going to get a $12 million renovation.
Currently, the 1972-built building offers 236 residential units, targeted for households making 80 percent or less of the area median income. Once the renovations are complete by 2020, the building, located at 80 E. Hancock Street, will offer upgraded kitchens and bathrooms, new windows, and updated heating and cooling systems, as reported by Crain’s Detroit Business. The building’s units will also shift to those making 60 percent or less of the area median income.
Crain’s Detroit Business reported, “[This is] the first affordable housing scheduled to be renovated using financing in part from Dan Gilbert's Bedrock LLC under an agreement approved by the city late last month.”
A joint-venture between MRK Partners Inc. and Fortus Partners plans on purchasing the property for an unknown price.
• Cathedral Tower in Midtown to get $12 million renovation [Crain’s Detroit Business]