Detroit developer Mark Bennett broke ground Tuesday for Lafayette West, a $150-million, 318-unit condominium and apartment community that will serve as a connecting point between Lafayette Park and the greater downtown area.
Lafayette West will offer a mix of studio, one-bedroom, and two-bedroom floor plans ranging in size from 436 square-feet to 1,223 square-feet, with secured and enclosed parking, gourmet kitchen appliances, a large modern fitness center, swimming pool, electric vehicle charging stations for all vehicles, co-working, club room and social room, and more.
Twenty percent or 46 of the 230 apartments have below-market rents to provide affordable housing. All the affordable units are proportional to each building’s unit/floorplan mix and are unrestricted as to location within the building.
Located in Lafayette Park, the development is in walking distance to several area attractions, employment areas of the central business district, arenas and entertainment venues, Eastern Market, the Dequindre Cut bicycle/walking path, the new Meijer Rivertown Market, and the River Walk.
“We saw this as an ideal opportunity to develop a unique community to contribute to the lives of the Lafayette Park neighborhood,” says Bennett. “Lafayette West offers differentiating amenities and is centrally located, while offering affordable living to Detroiters.”
The development received a Brownfield TIFF, which includes the city’s portion of $11.2 million over 30 years as well as a 15-year NEZ including the city’s portion of $5.3 million.
“Lafayette West is going to be a great addition to the Lafayette Park area, providing residents a beautiful neighborhood setting immediately outside of downtown,” says Detroit Mayor Mike Duggan. “The fact that 20 percent of the apartment units will be reserved for people earning below the area average means that Detroiters of varying income levels will have the opportunity to live together in this beautiful new community.”
The development is following the city’s Executive Order on Detroiter hiring with a construction workforce made up of at least 51 percent Detroit residents and 30 percent of all construction-related contracts going to Detroit based businesses. The Development is being developed pursuant to a Community Benefits Ordinance (CBO) Agreement with the City of Detroit.
Bennett and his team also are co-developers of Exchange, a high-rise 165-unit residential development under construction in the Central Business District and lead equity investors in DuCharme Place, The Griswold, The Corner, The Kahn, and Central Park Apartments.
Lafayette West partners and collaborators include @Properties, Christie’s International Real Estate, Brinker Construction, AM Higley, the City of Detroit, Wayne County, Fourmidable, MJBennett, Ghafari, Pappas Financial, Parini, Blaze Contracting, PEA, the Michigan Strategic Fund, and Zoyes Creative.
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