A testament to the durability of Detroit’s architecture, the 100 year old Himelhoch Building will be getting a major facelift. The beautiful building located in the heart of downtown Detroit on Woodward avenue will be fully rehabbed to feature 36 market rate apartments and 36 low income senior housing units. Crains Detroit reports that American Community Developers is close to acquiring the building and will begin rehab in the second half of 2017. The rehab is expected to take up to a year.

The low income housing units will range in rent between $900 and $1000 per month. The developer will receive significant tax credits from the federal government through the Michigan State Housing Development Authority. Another historic building, the Saint Rita Apartments located in the North End neighborhood on the outskirts of Downtown will be redeveloped with the help of federal tax credits. The building located just east of Woodward Avenue has been vacant for years and will feature 26 affordable housing units. The total cost of the projected is expected to be in the $6.8Mil.

Detroit real estate investing has never been more exciting! Now is the time to invest in Detroit and enjoy its rewards.