Crain's: Affordable housing development opens on former Studebaker site in Detroit

June 16th, 2010
Piquette Square for Veterans, courtyard view

Affordable housing development opens on former Studebaker site in Detroit

By: Sherri Welch

Southwest Housing Solutions has begun moving homeless veterans into its new affordable housing development on the former site of the historic Studebaker factory in Detroit which burned in 2005. 
Southwest broke spent two years building the $20 million, four-story brick building near the city’s New Center area, which houses 150 apartments and about 5,500 square feet of commercial storefront space fronting Piquette.  
“We’re going to fill this quickly… there’s no lack of need,” said Executive Director Tim Thorland.  
“In an ideal world, we want to find businesses or entrepreneurs who want to move in and sell a good or provide a service but also provide opportunities for the homeless vets in the building to become employed. It’s not a requirement to rent the space, but we’d sure love to see something like that happen.” 
Southwest funded the project through a combination of tax-exempt bonds through the Michigan State Housing Development Authority, funding from the state and the city, low-income housing and brownfield tax credits, grants and loans repayable only if the property changes hands.

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