Olympia Development of Michigan, the City of Detroit and Cinnaire Solutions jointly announced today a partnership created to explore new affordable housing options in The District Detroit. Brought together by their shared goal of community-minded development, this public-private collaboration will work to address the need for increased affordable housing in Detroit.
“We are optimistic and excited for Detroit’s future and are planning community-minded development that will help to meet the city’s housing needs while bringing new and vibrant opportunities to The District Detroit,” said Keith Bradford, Vice President of Olympia Development of Michigan. “Cinnaire Solutions is a trusted partner with the resources to advance vulnerable communities, and we are pleased to partner with them to move this important work forward with the city.”
Any redevelopment option which may move forward through this partnership would include the commitment to retain and provide rent protections for the existing residents, at or very near their current rental rates. During the proposed renovation of the Henry Street apartments, those residents would be temporarily relocated on the same block for the duration of construction.
The partnership’s first effort will be to explore the potential revitalization of seven, 1920s-era historic buildings on a single city block bounded by Henry Street, Cass Avenue, 2nd Street, and the I-75 service drive. With public support, the proposed redevelopment will help to energize the local economy and support the City of Detroit’s neighborhood revitalization strategy, while providing green spaces and the creation of construction and permanent jobs for Detroiters.
“This partnership embodies what we are looking for from our community-minded developers because it would preserve the affordable rent levels for all current tenants in newly renovated buildings,” said Donald Rencher, Director of Housing and Revitalization at City of Detroit. “I’d like to recognize Cinnaire Solutions and Olympia Development of Michigan for working with us toward our mutual goal of bringing more affordable housing and historic renovation to this community.”
“Cinnaire is committed to make meaningful impact in Detroit neighborhoods,” said Christopher Laurent, Cinnaire Solutions president. Cinnaire Solutions is the development subsidiary of Cinnaire, a Lansing-based Community Development Financial Institution. “For over a decade, we have worked to support, energize and revitalize healthy neighborhoods here. Our parent organization, Cinnaire, has done so for nearly 27 years. Likewise, Olympia Development has made a commitment to increasing the city’s affordable housing supply and continuing to support the local economy. This partnership will bring together our respective expertise and resources to further enhance this resilient city, making downtown accessible to all Detroiters”
Cinnaire has invested more than $500 million in revitalizing the city over the past 27 years. Cinnaire Solutions recent Detroit developments include RiverCrest, 3530 Grand River, Transfiguration School, The Anchor at Mariner’s Inn and La Joya Gardens.
Olympia Development remains committed to steady and balanced development in the City of Detroit and has made significant progress on multiple historic renovation projects including the former Eddystone hotel, the former Women’s City Club and the former United Artists Building in partnership with Bagley Development Group. In addition, tremendous progress continues on new construction such as 2715 Woodward. Completed projects include The Mike Ilitch School of Business, Little Caesars Arena and the new Little Caesars headquarters campus expansion. In addition to increasing the City’s affordable housing supply, these efforts also continue to bring new jobs and opportunity to the City and The District Detroit.