The Michigan Strategic Fund board on Tuesday approved a $2 million performance-based loan for developer Peter Cummings’ $54.6 million new residential project in New Center Area.
Third & Grand LLC is expected to bring 231 apartments totaling 190,000 square feet and about 20,000 square feet of commercial space to a 1.4 acre surface parking lot previously owned byHenry Ford Health System at West Grand Boulevard and Third Avenue.
The site has historic significance for Cummings, the Detroit native, chairman of Palm Beach Gardens, Fla.-based Ram Realty Services and son-in-law of the late Max M. Fisher.
In 1964, Fisher broke ground on Howard Johnson hotel at the site. Thirty-three years later, in 1997, the hotel was imploded and it has been a parking lot ever since.
THIRD AND GRAND UNIT BREAKDOWN
- 28 studio apartments: 532 square feet
- 140 one-bedrooms: 684-981 square feet
- 20 two-bedroom, one-bathroom units: 908 square feet
- 43 two-bedroom, two-bathroom units: 1,120-1,158 square feet
- 20 percent of the units will be “affordable”
Source: The Platform LLC
The Third and Grand project, one of several that Cummings and his new Detroit-based development company The Platform LLC, is the first new apartment building construction in New Center in more than 30 years, according to a briefing memo for the MSF.
A groundbreaking event is scheduled for Wednesday.
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