Lee Plaza
2240 W. Grand Blvd.
What does it look like?
Lee Plaza. Credit: City of Detroit
What's happening?
Roxbury Group and Ethos Development Partners have joined efforts to rehab Lee Plaza and create up to 187 units of housing with a hope to complete both phases of the project in 2025. The cost to renovate the long-vacant high rises is expected to cost $79 million. The project will use $7 million in federal American Rescue Plan Act funds allocated to the city, approved by City Council in 2022. The project's first phase will add 117 affordable units for seniors on the second through 10th floor, and the second phase would include 60-70 market-rate apartments on the six floors above.
Source: Detroit Free Press
What are the property details?
| Parcel ID: | 10001037. |
|---|---|
| Taxpayer: | CITY OF DETROIT |
| Taxpayer address: | 2 WOODWARD AVE STE 908 DETROIT MI 48226 |
| Dimensions: | 100 ft by 200 ft |
Where is it?
Updates
July 25, 2024: Closing deadline extended to Nov. 30, 2024 | Detroit City Council
Extension of Closing and Construction Deadlines Sale by Development Agreement – Lee Plaza Project. (Pursuant to the Resolution adopted by your Honorable Body on February 26, 2019, the City of Detroit (“City”) and Lee Plaza LLC, a Michigan limited liability company (“Developer”) entered into a certain Development Agreement dated July 1, 2021 (the “Development Agreement”) for the sale of real property commonly known as 2240 West Grand Blvd., 2250 West Grand Blvd., and 2700 Ferry Park, Detroit, Michigan 48208.)
Approved 9-0 with a Waiver
June 30, 2023: $6 million earmarked in state budget | Crain's Detroit Business
State lawmakers approved a one-time earmark of $6 million for Lee Plaza.
January 20, 2022: $59 million in state and federal funds | City of Detroit
"Working with HRD, the developers secured the following:
- $25.4 million in equity from 9% and 4% Low Income Housing Tax Credits (LIHTC) through the Michigan State Housing Development Authority (MSHDA).
- $10.5 million U.S. Department of Housing & Urban Development (HUD) mortgage.
- $9.3 million federal historic tax credit
- $7 million City of Detroit American Rescue Plan Act (ARPA) funds
- $4.5 million in City of Detroit HOME/Community Development Block Grant funds via HUD
- $1.5 million from MSHDA Neighborhood Stabilization Program
- $0.8 million in deferred developer fee
MSHDA’s awarding of the LIHTC award last month made the entire deal possible, and opened the door for the City Council’s unanimously awarding Tuesday the $7 million in ARPA funds."