Posted Feb 26, 2014, 2:13 AM
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Registered Ugly
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Join Date: Oct 2003
Location: Portland
Posts: 3,645
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Detroit Free Press
By Paul Egan and John Gallagher
2/25/2014
Quote:
Michigan OKs incentives to turn 2 historic Detroit hotels into apartments
High demand for apartments and super-low vacancy rates in Detroit’s downtown and Midtown area are bringing still more apartment projects to the market.
The Michigan Strategic Fund approved incentives Tuesday for renovation projects to create apartments in two historic Detroit hotels — $3.5 million for the Strathmore in Midtown and $1 million for the Milner Hotel in the city’s central business district.
The Free Press reported in January that rents for apartments in downtown Detroit are spiking amid short supply, forcing out some young professionals who breathed fresh life into the city core.
On Tuesday, the strategic fund board approved funding for the planned development of 129 one- and two-bedroom apartments inside the blighted former Strathmore Hotel on Alexandrine near Cass Avenue and 61 apartments inside the historic Milner Hotel near Comerica Park, which closed in October 2012.
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More: http://www.freep.com/article/2014022...ore-apartments
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