New $14M Project Set For Detroit's Midtown Area

DETROIT — A new $14 million project will bring 33 studios and 24 one-bedroom apartments to a Midtown neighborhood, according to Greatwater Opportunity Capital.

The new 39,355-square-foot four-story building will be located at 3740 Second Ave. Although the project is the first Greatwater Opportunity Capital new development, the Detroit based firm has redeveloped properties in Detroit for affordable housing for the past decade.

The new development will also include energy efficient windows, in-unit washer and dryers, and bike storage. It will also have first-floor commercial space and secure parking.

"Midtown is one of the strongest, most walkable communities in Detroit and we’re excited about bringing much-needed additional housing to the neighborhood," Greatwater co-founder Jed Howbert said in a statement Tuesday. "Our work is about much more than renovation and building structures — it’s about doing our part to build neighborhoods that can thrive for generations to come."

The firm will set aside 20 percent of the units for those earning 80 percent of the area median income. The affordability was made possible through a neighborhood enterprise zone property tax abatement, officials said.

The firm also received opportunity zone funds and financing from Diversified Members Credit Union.

Crews have begun working on the new development, which is expected to be completed in spring 2025.