A $108 million project planned in the Lafayette Park neighborhood will bring 374 new residential units, parking and amenities to the neighborhood.
The units will include both for-rent and for-sale lofts, townhouses, flats and high-rise units.
The development, referred to as Lafayette West, will set aside at least 20 percent of the rental units as "affordable housing," for households making 80 percent of area median income or lower. The area median income is about 38,000 per year.
“As Detroit’s recovery continues, we want to make sure big developments like Lafayette West benefit not just new residents, but also the people of Detroit who have stayed through the good times and the bad,” said Arthur Jemison, chief services and infrastructure officer.
Ginosko Development Company, a Michigan-based developer, will invest $108 million in Lafayette West for new construction on 5.2 acres of land between I-375 and Rivard Street where the vacant Shapero Hall is currently located.
The 12-story high-rise will have 114 luxury rental units and attached parking, 200 lofts for rent with parking and 60 for-sale townhouses, carriage houses and stacked flats with attached garages.
The project is expected to be completed by the end of 2020.