The Ribbon, a brand-new mixed-use development in Detroit, has started construction. The US$8.2 million development will provide another 18 new, affordable housing units to Detroit, making it the largest development along the E. Warren Ave. corridor in decades.
The Ribbon is the inaugural endeavour of Detroit-based Flux City Development and Edward Carrington. The new construction will offer 18 new affordable flats, all priced below market to make them accessible to local Detroiters. Four of the apartments will be available at or below 60% AMI.
Further, fourteen of the apartments will rent for less than 80% AMI. The agreement guarantees the units’ affordability for the following 25 years.
The Ribbon development featured amenities in Detroit
In addition to the residential space, Gajiza Dumplings, a favourite of the area’s foodies, will have its first permanent home at the Ribbon in the retail space on the first level. An old bank building on the property was recently demolished to make way for the development. Construction work on The Ribbon is anticipated to be finished in the fall of 2024.
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The Detroit Housing for the Future Fund loaned $600,000 to support the $8.2 million rehabilitation. Additionally, the development received a $1.4 million grant from the Strategic Neighborhood Fund. DHFF Preferred Equity of $338,199, $2.2 million from Capital Impact Partners, a $75,000 CIP EDI grant, and a $1.3 million investment from Michigan Economic Development Corporation was also given to the development.
A DHFF Developers of Color Matching Grant was also available for the project, which was intended to expand the pool of minority-led affordable housing and preservation projects in Detroit. It provides up to $100,000 in matching money to help with the predevelopment costs and soft costs of a project. Through collaboration with JPMorgan Chase, the grants are made possible.
