Develop Michigan Provides $3.15 Million Financing for GDC-East Jefferson

Vacant Land will be Revitalized to Provide Affordable Housing for Detroit Residents

Develop Michigan, Inc. (DMI) has announced the closing of a $3.15 million investment to support the acquisition of GDC-East Jefferson, a vacant piece of land located at 7850 East Jefferson in Detroit, MI. Ginosko Development Company intends to construct a 225-unit affordable housing development on the 2.8-acre site. The project supports the City of Detroit’s neighborhood revitalization strategy, a plan calling for the development of high-quality, affordable housing in strategic neighborhoods through transformative developments.

“Ginosko Development has a long history in developing high-quality, affordable housing throughout Michigan,” said Rick Laber, DMI president. “East Jefferson will revitalize a vacant piece of land while supporting the City’s strategy to deliver an additional 2,000 units of new affordable housing to Detroit residents. DMI is pleased to provide flexible financing options that allow developers to advance vibrant communities while spurring economic development.”

The City of Detroit’s multifamily affordable housing strategy seeks to preserve 10,000 units existing units of affordable housing and the development of 2,000 new affordable housing units. The plan strategically aligns with the City’s commitment to offer housing stability for Detroit’s lowest-income residents and provide housing options to households at a range of incomes.

GDC-East Jefferson will be built in three concurrent phases. Development amenities will include riverfront views, high-speed internet and WiFi, clubroom, resident lounge, business center, and a 24-hour fitness center.

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