A housing developer is doing not just one or two grand openings in Detroit this week, but three.
Detroit-based Greatwater Opportunity Capital held back-to-back ribbon cuttings on Wednesday, Sept. 17, for its two newly rehabbed mixed-income buildings: the 61-unit The Palms Apartments at 1001 E. Jefferson Ave. and the 90-unit Amsterdam Lofts at 450 Amsterdam St.
Greatwater could have even done a third ribbon cutting Wednesday, but decided that three in a single day would just be too many. That other project, a newly constructged 57-unit building known as Brainard Flats at 3740 Second Ave. in Midtown, is set to open its doors this weekend.
“So we are bringing over 200 units of housing this month,” said Justin Golden, one of Greatwater Opportunity Capital’s cofounders.
Greatwater Opportunity Capital is one of Detroit’s most active developers of new and newly rehabbed mixed-income apartment buildings, and also recently began building new single-family houses in the city.
While one of the firm’s partners was in the news this month warning about the precarious financial situation facing some apartment buildings in the city, Greatwater officials on Wednesday insisted that the problem is not too much housing supply or not enough demand, but rather three core challenges: Detroit’s high property taxes, rising building insurance costs and tenants who skip rent for months yet are hard to evict.
“Detroit needs a lot more housing in general,” said Matt Temkin, another Greatwater cofounder. “And I’m optimistic that we’ll solve the structural challenges — it’s taxes, insurance and non-payment.”
The Palms Apartments
The first ribbon-cutting ceremony on Wednesday was for The Palms Apartments, which dates to 1905 and was orignally designed by architect Albert Kahn. The building is notable for its detailed interior woodwork and for being the first Detroit building that was constructed with concrete floors, a major innovation at the time in fire prevention.
The 61-unit building was partially occupied when Greatwater bought it in 2022. It has since undergone a $12-million renovation with help from a tax abatement and Opportunity Zone investment, and those earlier occupants now have the option of returning to their former apartments without a big rent increase.
“Several of them will be taking over their old units, at their old rents,” Golden said. “That was part of the commitment.”
Among those in the audience was Carol Rose Kahn, 70, a grandaughter of Albert Kahn.
“I’m delighted — a lot of these buildings have been lost,” she said. “This is a gem for the city of Detroit.”
The building’s asking rents are listed as starting just under $900 a month for a studio, about $1,250 a month for a one-bedroom unit and about $1,800 for a two-bedroom unit.
Amsterdam Lofts
The second ribbon cutting Wednesday took place at Amsterdam Lofts, which is near the city’s New Center area.
The three-story building dates to 1905, when it opened as an assembly plant for the Cadillac Motor Car Co. It later was headquarters for Westcott Paper Products, which became Westcott Display. Greatwater Opportunity Capital bought the building in 2022.
Greatwater did an ambitious redevelopment of the building to 90 apartments that retained the former factory’s historic brick and glass facade. The project’s architect was McIntosh Poris Architects and Jonna Construction was the general contractor. The project made use of Brownfield financing and historic tax credits.
The building’s rents start at $1,150 per month for a studio, $1,500 for a one-bedroom and $1,800 for a two-bedroom apartment.
Brainard Flats
The development firm’s other newly completed and soon-to-open project, Brainard Flats, is a four-story, 57-unit apartment building in Midtown at 3740 Second Ave. with space for ground-floor retail.
The building went up on a vacant grass lot that previously hosted a pair of solar panel arrays.
Contact JC Reindl: 313-378-5460 or jcreindl@freepress.com. Follow him on X @jcreindl
This article originally appeared on Detroit Free Press: Developer opens 3 Detroit apartment buildings in same week
Reporting by JC Reindl, Detroit Free Press / Detroit Free Press
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