First Affordable Housing Units Open Through Woodward Corridor Investment Fund
$4-million development brings much needed housing and retail to Detroit’s New Center
DETROIT, MI (November 10, 2015) – The Regis Houze, the first project of the Capital Impact Partners-managed Woodward Corridor Investment Fund (WCIF), held its ribbon-cutting ceremony today in a prime location just off Woodward Avenue in the New Center area of Detroit.
The $4 million development led by Barbat Holdings brings much needed workforce housing and retail space to an area where occupancy rates have hovered at 98 percent. Construction on the project has created 144 temporary jobs, and 17 permanent jobs are expected to be filled through the retail space on the bottom floor of the building.
“As a mission-driven lender, we are excited to finance projects like this that support inclusive growth in Detroit by creating access to workforce housing throughout the city,” said Melinda Clemons, senior loan officer at Capital Impact Partners. “We are thankful to our partners at The Kresge Foundation, Barbat Holdings, and others for supporting this vision.”
The six-story building, connected to the St. Regis Hotel on West Grand Blvd., was originally constructed in 1966 and had been vacant for many years. Barbat Holdings stabilized and renovated the building to create 58 apartments, with rents that will begin at $543 a month, as well as two retail spaces on the ground floor.
“We’re excited to bring much-needed residential housing to New Center and to be a part of the revival of Detroit,” said Dave Ebner, principle of Barbat Holdings. “We are so thankful to the Woodward Corridor Fund and all of its partners, especially Capital Impact Partners, whom we worked closely with through closing and construction. Without this forward-thinking lending program, this deal would have been impossible to accomplish.”
The $30-million Woodward Corridor Investment Fund offers long-term, competitive fixed rate loans for building and renovation of multi-family and mixed-use properties. In addition to attracting residents and commercial activity, the goal of the Fund is to create social impact by establishing a sustainable corridor model and expanding economic opportunity for all Detroit residents.
Launched in 2013, investors in the fund include Capital Impact Partners, which also manages the fund, as well as the Calvert Foundation, The Kresge Foundation, Living Cities, the Max M. & Marjory S. Fisher Foundation, MetLife, PNC, and Prudential.
“It’s exciting to see this project near completion,” said Laura Trudeau, managing director of The Kresge Foundation’s Detroit Program. “Our investment in the Woodward Corridor Investment Fund was a unique one for the foundation, particularly in terms of the length of the commitment. But we knew it would jumpstart this kind of investment in Detroit, which is so needed.”
The Regis Houze property includes 48 one-bedroom units ranging in size from 525 square feet to 600 square feet, which will rent for $919 to $1,050 a month. The eight studio units range in size from 310 to 365 square feet and will rent for $543 to $639. Two two-bedroom units measure 870 square feet and will rent for $1,523. All units come standard with stainless steel appliances, granite countertops, wood veneer flooring, wood cabinets, and washers and dryers. Rents include heat and water. Gated parking is available for tenants. Ebner said a $50 application fee will be waived for interested tenants who apply by Nov. 21.
To get more information or apply for housing, visit www.regishouze.com. You can also email firstname.lastname@example.org, call 313-888-9111, or visit the office at 3075 West Grand Blvd. from 9am to 5pm Monday through Friday, and 10am to 4pm on Saturday.
Capital Impact Partners transforms underserved communities into strong, vibrant places of opportunity for people at every stage of life. We deliver strategic financing, incubate new social programs, and provide capacity-building to help ensure that low-to-moderate-income individuals have access to quality health care and education, healthy foods, affordable housing, and the ability to age with dignity. A nonprofit community development financial institution, Capital Impact Partners has disbursed more than $2 billion to revitalize communities over the last 30 years. Headquartered in Arlington, Va., Capital Impact Partners operates nationally, with local offices in Detroit and Oakland, Calif. Learn more at https://www.capitalimpact.org.
Barbat Holdings LLC, is a Michigan-based real estate investment and management company that manages more than 750,000 square feet of real estate including retail centers, offices, medical facilities, lofts, apartments and condominiums. From restoring distressed buildings, to rehabilitating retail shopping centers, to creating vibrant multi-story, mixed-use developments of loft living, Barbat works to renovate properties and help beautify cities across Southeast Michigan.