The Corner, a $31 million mixed-use development at the site of the former Tiger Stadium at Michigan and Trumbull avenues in Detroit’s Corktown neighborhood, opened yesterday.
It features 111 multifamily units of studio, one- and two-bedroom apartments, with 20 percent designated affordable at 80 percent of area median income.
The four-story building also will include 27,000 square feet of ground-level retail space, 60 percent of which will be at 50 percent of market rental rates. The first wave of businesses includes BUILD Institute, Plum Health, Skinphorea, and Vivid Space Yoga. There are three retail spots left.
The project also created more than 400 jobs, 50 percent of which went to Detroit residents. At least 121 of the 237 construction jobs and at least 90 of the 150 permanent jobs went to low-income people.
“From where Babe Ruth hit his 700th run to Joe Louis defending his heavyweight championship to so much more, The Corner is truly full of history and full of life,” says Eric Larson, president and CEO of Detorit’s Larson Realty Group, the developer of the project.
“Working with our partners to transform this site has been incredible, and we are looking forward to continue restoring the energy and excitement throughout the community.”
Larson Realty Group secured financing through Goldman Sachs, Capital Impact Partners, Local Initiatives Support Corp., Invest Detroit, the Michigan Strategic Fund in cooperation with the Michigan Economic Development Corp., Enterprise Community Partners Inc., the Detroit Brownfield Redevelopment Authority, and the city of Detroit.
“It is our mission to make sure Detroit’s revitalization is accessible to all, and we continually work to support inclusive growth throughout the city that increases density and access to opportunity in mixed- income corridors,” says Ian Wiesner, director of business development for Capital Impact Partners. “
“We are proud The Corner is our first investment in the Corktown neighborhood. This project stood out to us because it values residents across all income levels and backgrounds, helping to ensure they continue to be part of the city’s progress.”
Larson Realty Group is a privately owned company engaged in real estate investment, development, asset management, leasing, and consulting. The company and its partners broke ground on the development in May 2018.