DETROIT GIVES PRELIMINARY APPROVAL FOR $55M MIXED-USE PROJECT

DETROIT — The Economic Development Corp. (EDC) of the City of Detroit has approved the preliminary terms of a deal with McCormack Baron Salazar (MBS) to build a 300-unit residential and retail development along Atwater Street in Detroit. MBS plans to spend $55 million building Phase I of Rivertown as a series of low-rise apartment structures along Atwater and Franklin streets between the Dequindre Trail Greenway and Riopelle Street. Phase II of the plan features additional 200 housing units on the vacant property extending along Atwater Street west of Riopelle Street. The EDC owns most of the property involved and would transfer it to the developer if it can meet the other terms of the agreement. The EDC is also offering a loan to help the developer with implementation costs.