$22M multi-building development near West Village clears last financing hurdle

A multi-building development near West Village led by the owner of the Leland Hotel has just gotten the last piece of financing necessary to move forward.

At Jefferson and Van Dyke avenues, developer Michael Higgins has plans for a mix of new and redeveloped buildings that would include 42 apartments, 17,000 square feet of commercial space, and a parking deck. Last week, the Michigan Strategic Fund approved two loans for the $22 million project through the Michigan Community Revitalization Program and in Brownfield Tax financing worth $4.9 million.

Higgins told Crain’s Detroit Business that half the units would be reserved for those making between 50 to 80 percent of the Area Median Income ($30,550 to $48,880).

In September, Crain’s reported on the unique property and site, which includes redeveloping four existing buildings, including a former mansion behind the street-facing ones, demolition of an existing parking structure, and construction of a new seven-story building with a deck and apartments on top.

Complicating the project, toxic materials from underground gasoline storage tanks were found on the site in 2019, necessitating brownfield financing for cleanup.

Construction could begin in the next three months and take 18 months to complete. Berardi Partners, which has offices in Detroit, Cleveland, and Columbus, is the architect.