Detroit LISC scores a homerun at The Corner

(Photo: Larson Realty Group)

The Corner is a $30 million mixed- use building at Michigan and Trumbull, former home to Tiger Stadium. It will have 111 apartment units and 26,000 square feet of ground-floor commercial space. 20% of the residential units will be affordable for those making 80% or less of the area’s median income. Apartments at The Corner are expected to be studios, one-bedroom and two-bedroom units. The average size of a unit will be around 700 square feet and start at $1,350. The development is adjacent to the Detroit PAL headquarters, another Detroit LISC investment.

The Larson Realty Group, who is leading the development, secured funding from LISC Detroit, Goldman Sachs, Capital Impact Partners, Invest Detroit, the Michigan Strategic Fund, Enterprise Community Partners Inc., the Detroit Brownfield Redevelopment Authority and the City of Detroit.

Executive Director, Tahirih Ziegler has this to say about the project: “This project is called the Corner and it is catalytic because it connects downtown to Corktown and Southwest Detroit.  We are pleased to have invested $3.8 million in a loan that bridged the Tax Increment Financing (TIF) funding.  Congratulations to Eric Larson and the Larson Realty Team on this development that will bring jobs, housing units, retail space and small businesses to this neighborhood.  This project also leverages a LISC grant investment to PAL of $250,000 for the installation of a football and athletic field right next door which will serve 3,400 student athletes ages 5 to 14 and 1,500 cheerleaders.  We have supported over nine football field in Detroit like the one next door and it is important as we think about investing in real estate developments that we consider options for youth, as they are also very important to our community. We think Eric Larson knocked this development out of the park.”