State development officials approved Friday a $1-million grant to help a trio of developers transform the 11-story building at the corner of Griswold and State into 63 apartments and nearly 15,000 square feet of commercial space. The address is 1145 Griswold.
Plans call for nine studio apartments, 45 one-bedroom units and nine two-bedroom units. The units are expected to rent for more than $1.80 per square foot, according to state documents, although final rates haven't been set. The project's planned completion date was not available Friday.
The project, dubbed Capitol Park Lofts, is to involve a total of $22.7 million in investment, including a $6-million state bridge loan and $3.1 million in federal historic tax credits. It gets its name from nearby Capitol Park, once home to Michigan's first state capitol building.
Although leasing rates for apartments and commercial space have been rising in Detroit, redevelopment projects still require significant subsidies to be financially feasible."
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