DETROIT, MI – Olympia Development of Michigan announced plans for hundreds of new affordable and market-rate rental housing units across six buildings in The District Detroit’s initial phase of residential developments. Four existing buildings – The Alhambra, The American, The Eddystone and 150 Bagley – and two new-construction buildings will make an exciting mix of urban lofts and apartments in The District Detroit. 

This initial phase of residential development includes 686 units, 139 of which will be designated as affordable at no more than 80 percent of the Area Median Income (AMI). These projects together meet Olympia Development’s goal of 20 percent affordable housing throughout The District Detroit.

This is Detroit’s largest single announcement of new apartment units, affordable units and redeveloped historic buildings in more than 20 years. American Community Developers, Inc. (ACD), a local developer with significant affordable housing experience, will team with Olympia Development on five high-profile properties near Small Caesars Arena. The highly-experienced, Detroit-based team at Bagley Development Group will partner with Olympia Development to redevelop the majestic 18-tale structure at 150 Bagley, just west of Grand Circus Park.

“Olympia Development’s plot to preserve several historic buildings and bring hundreds of new residential units into the heart of the city is a clear sign of the demand for housing in Detroit,” said Detroit Mayor Mike Duggan. “The fact that they are including nearly 140 units of new affordable housing across these six developments aligns perfectly with our efforts to build a city that includes everyone.”

“The District Detroit will be one of the most exciting places in the country to live,” said Christopher Ilitch, president and CEO of Ilitch Holdings, Inc. “These six uniquely Detroit residential developments will be in the heart of the action, in a city on the rise.”

The District Detroit, a 50-block, mixed-use development led by the Ilitch organization, is a world-class sports and entertainment destination built around eight theaters, all four major sports teams, three professional sports venues and new restaurants, shops, offices and places to live – connecting Downtown to Midtown Detroit into one vibrant area.

“I am very optimistic about the opportunity for a dynamic development at 150 Bagley,” said Emmett Moten, Jr., Team Executive for Bagley Development Group and a veteran Detroit developer. “This well-known building has a high-demand location, and we believe its renovation will be well received by the entire community.”

“We’re excited to be part of such a transformational development in our hometown,” said Jerry Krueger, president of American Community Developers, Inc. “We’re proud to play a role in the renovation of three historic buildings as well as the development of new landmark properties in The District Detroit.”

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ST PAUL, MN – IRET, a real estate investment trust focusing on the acquisition, development, redevelopment and management of multifamily communities located primarily in select growth markets throughout the Midwest, announced the acquisition of Oxbō Apartments, a multifamily property in St. Paul, Minnesota, for $61.5 million. 

Chief Executive Officer, Mark O. Decker, Jr. commented, “We are pleased with the acquisition of this high-quality property.  Oxbō is well-located in an attractive neighborhood in St. Paul.  This transaction furthers our goal to enhance our existing portfolio and improve the prospect of sustainable cash flow growth for our investors.”

The Company bought 202 7th Street West, located in St. Paul, Minnesota, for approximately $61.5 million.  The newly constructed property is currently 42% leased and consists of 191 rentable units featuring desirable interior finishes, fitness club, rooftop pool deck, sky lounge, club room and concierge services, as well as indoor parking, bike storage, and a dog wash station.

The building also features nearly 12,000 square feet of fully leased street level retail space. The property is located in one of St. Paul’s most vibrant neighborhoods, steps away from entertainment, restaurants and employment centers, as well as local landmarks such as the Mississippi River, The Science Museum of Minnesota, Xcel Energy Center, and Ordway Theater. 

IRET focuses on the acquisition, development, redevelopment and management of multifamily communities located primarily in select growth markets throughout the Midwest. As of January 31, 2017, IRET owned interests in 130 properties that were held for investment, consisting of: (1) 86 multifamily properties consisting of 12,813 units, and (2) 44 commercial properties, including 30 healthcare properties, containing a total of approximately 2.7 million square feet of leasable space.

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LOS ANGELES, CA – Belmont Village Senior Living reached a construction milestone with the “topping out” of its twenty-seventh community at 24141 Ventura Blvd. in Calabasas, California. Contractor W.E. O’Neil completed the concrete structure of the three-tale building with the final roof placement and celebrated the milestone on May 15.

“This is an exciting achievement and we’re pleased to be celebrating again with W.E. O’Neil,” said Belmont Village Founder and CEO Patricia Will. “As developers and operators, we stay with our buildings and we’re very careful about the quality we provide for our residents. W.E. O’Neil has a proven reputation. We’ve worked together on several of our communities and the results have always been outstanding.”  

Belmont Village, founded in 1997, is an integrated developer, owner and operator of high end seniors housing. Since its inception, the company has developed and still operates 25 senior living communities in seven states and Mexico City. In addition to the Calabasas site, Belmont Village has five projects under construction in California, Chicago, Texas and Florida. This will be the company’s seventh community in Greater Los Angeles. Each Belmont Village is built to purpose and licensed throughout the building to provide a blended model of care that offers flexibility for residents if needs change, and allows couples with varying health or cognitive needs to stay together.

“Everything we do has an underlying therapeutic goal to support our residents’ health and wellness so that they can continue to delight in engaging, purposeful lives,” said Will. “How we build and license our communities, the research that goes into our programs, how we staff and train – it’s all part of the same goal and we give thought to every detail.”

The 105,872-square-foot Mediterranean style property will open in spring of 2018 with 140 residences featuring one-bedroom and studio apartments for Helped Living and Memory Care. Architects Van Tilburg, Banvard & Soderbergh designed the building. Features include a professionally managed fitness center, heated saltwater pool, full service salon and exterior courtyards with outdoor dining patios and gardens by landscape architect Pacific Coast Land Design.  

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