Development to create 32 new residential units in Detroit’s East English Village neighborhood.
FOR IMMEDIATE RELEASE April 24, 2024
LANSING, Mich. – An approximately $15.4-million project has been supported with $12 million in New Markets Tax Credits (NMTC) allocation from Michigan Community Capital. The Arthur Murray project encompasses the renovation and expansion of one of the largest vacant and abandoned commercial sites in Detroit’s East English Village neighborhood. Known locally as the Arthur Murray building, the historic structure was previously home to the Arthur Murray Dance Studio.
Project developer, Real Estate Interests, LLC (REI), will transform an existing 25,000-square-foot vacant and historic property at 16621-16653 E. Warren, Detroit, Michigan. The existing two-story building will be expanded by adding a third story resulting in a nearly 36,000-square-foot mixed-use property offering residential units and office space.
“As someone born and raised in Detroit, this project is personal. The Arthur Murray building is more than bricks and mortar — it’s part of the fabric of a neighborhood that has endured, adapted, and held on with quiet strength,” said W. Emery Matthews, Real Estate Interests, LLC. “Our vision is to honor that resilience by creating a space that offers both affordable and market-rate options, acting as an anchor and a spark for future growth. We hope this redevelopment rewards the faith of longtime residents while extending a hand to those just discovering the promise of this community. In doing so, we aim to build something that’s not just new, but meaningful — a future rooted in respect for the past.”
The top two floors will offer 32 mixed-income residential apartments, all of which will be affordable at or below 100% of the area median income (AMI); 19 units will be specifically affordable at or below 80% of AMI. The ground floor will boast nearly 8,000 square feet of office space. Additionally, the building will include roughly 1,000 square feet of residential amenities, such as a community gathering space and outdoor amenity area.
The project is an integral part of Detroit’s Strategic Neighborhood Initiative to transform the East Warren Avenue corridor – a once vibrant neighborhood-serving commercial corridor that has suffered from population decline and disinvestment – and stabilize its surrounding neighborhoods through new commercial and mixed-use development. The retention of 9 full-time jobs are expected with ground floor tenant Activate Detroit.
Activate Detroit is a strategic advocacy and consulting firm that specializes in facilitating connections and fostering productive relationships between businesses, organizations, and key decision-makers. The firm supports clients by identifying challenges and opportunities within their operating environment, introducing them to influential stakeholders, and streamlining decision-making processes. While not a lobbying firm, Activate Detroit provides hands-on strategic guidance to help clients navigate complex systems, improve engagement, and advance their initiatives.
In addition to the $12 million in New Markets Tax Credit allocation, Magnet Lending Corporation (MLC) – a subsidiary of Michigan Community Capital – is also providing a bridge loan in excess of $2.1 million to the Revitalization and Placemaking grant (RAP) proceeds provided to the project from Michigan Economic Development Corporation (MEDC).
“MCC is thrilled to be a part of Detroit residents accessing capital and taking control of the destiny of their city,” said Eric Hanna, president and CEO at Michigan Community Capital. “We commend Emery Mathews and the REI team for their dedication and commitment to improving the lives of residents of the East Warren Avenue corridor and look forward to this and future developments for Detroit by Detroiters.”
Capital One, National Association is serving as the NMTC investor on this deal.
“As a bank on a mission to Change Banking for Good, we’re proud to serve as the New Markets Tax Credit investor for such a catalytic project,” said Mark Preston, Senior Vice President at Capital One. “We’re excited to see Arthur Murray spur economic growth and transformation along the East Warren Avenue corridor.”
Additional funding sources include:
Michigan Economic Development Corporation (MEDC)/ Michigan Strategic Fund (MSF) is providing a nearly $2.5-million loan to the project.
Invest Detroit Foundation is providing a source loan to the project in the amount of $3.5 million and will participate 50% of the MLC bridge loan.
Local Initiatives Support Corporation (LISC) is serving as a senior lender in the deal and providing $3 million in a loan to the project.
Detroit Economic Growth Corporation (DEGC) has provided a Supporting Equitable Economic Development (SEED) grant in the amount of roughly $950,000 to the project.
New Markets Tax Credits are a federal subsidy tool administered by the U.S Department of Treasury and designed to attract capital to projects that support low- and moderate-income households and communities. Michigan Community Capital is the only Community Development Entity (CDE) that deploys this resource entirely in Michigan. Since the organization’s formation in 2005, MCC has secured $570 million in NMTC allocation through competitive rounds to support Michigan businesses and communities. MCC uses NMTC’s to support job creation, access to healthy food, and mixed-use projects that include mixed-income housing and commercial businesses that benefit low-income households.
Michigan Community Capital Michigan Community Capital is a 501(c)(3) nonprofit that exists to promote community and economic development, the creation of wealth and job opportunities; and to facilitate investment of private and public capital in Michigan. MCC is focused on driving economic mobility of low- and moderate-income Michigan residents and drives community development impacts in three key areas: Real Estate Development, CDFI lending, and New Markets Tax Credits. MCC is a U.S. Treasury certified Community Development Financial Institution (CDFI) and a Community Development Entity (CDE). Since 2005, MCC has supported over $1.4 billion in project financing, successfully attracted $510 million in federal New Markets Tax Credits, and helped to create over 1,500 housing units and facilitated the creation and/or retention of over 5,000 high-quality, accessible jobs. Michigancommunitycapital.org
Real Estate Interests, LLC Real Estate Interests, LLC (REI) is a Detroit-based, full-service commercial real estate development and advisory firm. Known for its strategic approach and commitment to impact, REI specializes in shaping sustainable developments in dynamic urban markets across the country. With a focus on simplicity, execution, and long-term value, REI partners with clients to deliver projects that not only perform, but also strengthen the communities they serve.
50 new residential units coming to downtown Cadillac
FOR IMMEDIATE RELEASE April 22, 2024
LANSING, Mich. – Michigan Community Capital is proud to announce the groundbreaking of Cadillac Lofts Phase II. From the exterior, the Phase II building will mirror the existing Cadillac Lofts building that was completed in 2020. Inside, the second 37,000-square-foot building will offer 50 middle-income residential units and 1,300 square feet of commercial space.
The 50 middle-income apartments in the Phase II building will include studio, one-bedroom and two-bedroom units starting at $950/month. Resident amenities include a first-floor fitness room, interior mail/package room, onsite parking, electronic key-fob entry, security cameras, and access to full-time onsite staff. Apartment amenities include stainless steel appliances, in-unit washer/dryers, large windows, and modern finishes.
“This project expands the much-needed housing options in downtown Cadillac for middle-income professionals in the area,” said Marilyn Chrumka, vice president of development at Michigan Community Capital. “We are grateful for the steadfast support of the Cadillac Brownfield Redevelopment Authority, the City of Cadillac, and our funding partners, whose collaboration has been instrumental in bringing this vision to fruition.”
The Cadillac Brownfield Redevelopment Authority (BRA) and the City of Cadillac have been longstanding supporters of the redevelopment. To support this investment in their downtown, they approved an amendment to their brownfield plan adding housing as an eligible activity. The BRA also applied for funding from Michigan Department of Environment, Great Lakes, and Energy (EGLE) on behalf of the project. Additionally, the City will complete public infrastructure improvements adjacent to the project to create additional public parking and improve the sidewalks and streetscape.
“Housing is a critical issue in our community, and the Cadillac Lofts development is helping address it with a transformative multi-family, mixed-use downtown development,” said Marcus Peccia, city manager at the City of Cadillac. “This project will continue to stabilize and grow our base and make our community a destination for those looking to enjoy city life in a rural setting.”
With the support of Congressman Moolenaar, the project was approved for a $2.9-million Community Project Funding grant administered by the Department of Housing and Urban Development (HUD).
“As Michigan’s only member of the House Appropriations Committee, I am proud to support communities across the Second Congressional District with funding to improve our cities and towns. The Cadillac Lofts development project will help revitalize downtown, address the need for affordable housing for young professionals and families in the area, and strengthen the local economy,” said Congressman Moolenaar.
Phase I of the Cadillac Lofts project was completed in 2020, and all residential units were leased within 6 months of opening. The second phase of Cadillac Lofts completes the redevelopment of a contaminated site in the heart of downtown replacing a vacant grocery store and dry cleaners. Once complete, the two-phase, $24-million Cadillac Lofts development will have created 92 year-round, middle-income residential units and roughly 8,800 square feet of commercial space. The project has allowed other local investors to see the demand for rental housing in the city of Cadillac.
The Michigan State Housing Development Authority (MSHDA) supported the project with a $5-million Missing Middle Grant. This funding has allowed the project to create housing for households earning between 60-120% of the area median income (AMI).
“Expanding housing options for Michigan’s workforce is critical to strengthening communities and supporting local economies,” said MSHDA CEO and Executive Director Amy Hovey. “Cadillac Lofts Phase II will provide much-needed, high-quality rental housing for middle-income residents, helping to ensure they have access to safe, modern, and affordable places to live. We look forward to seeing the positive impact this development will have on the city’s downtown and its residents.”
Additional funding supporting the Cadillac Lofts Phase II development includes:
A $817,925 grant to support cleanup of existing contamination at the site from EGLE.
$2.5 million in Revitalization and Placemaking (RAP) grant funds from Michigan Economic Development Corporation (MEDC).
West Shore Bank is providing a construction loan for the project.
See available units at the Cadillac Lofts Phase I development here.
Stay tuned for updates on leasing opportunities and commercial space inquiries.
Michigan Community Capital is a 501(c)(3) nonprofit that exists to promote community and economic development, the creation of wealth and job opportunities; and to facilitate investment of private and public capital in Michigan. MCC is focused on driving economic mobility of low- and moderate-income Michigan residents and drives community development impacts in three key areas: Real Estate Development, CDFI lending, and New Markets Tax Credits. MCC is a U.S. Treasury certified Community Development Financial Institution (CDFI) and a Community Development Entity (CDE). Since 2005, MCC has supported over $1.4 billion in project financing, successfully attracted $510 million in federal New Markets Tax Credits, and helped to create over 1,500 housing units and facilitated the creation and/or retention of over 5,000 high-quality, accessible jobs. michigancommunitycapital.org
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Hillsdale, Midland, and Rochester Hills welcome ALDI Grocery Stores
FOR IMMEDIATE RELEASE February 20, 2025
LANSING, Mich. – ALDI is investing approximately $13 million to bring new locations to Hillsdale, Midland, and Rochester Hills in eastern Michigan. ALDI will build and equip the three new stand-alone grocery stores which combined will comprise approximately 61,000 square feet of space and feature a range of products including fresh meat and seafood, organic produce, and pantry essentials with approximately 30% of each store’s floor area dedicated to fresh food. The developments are being supported with a $12-million New Markets Tax Credit (NMTC) allocation from Michigan Community Capital (MCC). The new ALDI location in Midland opened in November 2024, while the upcoming stores in Hillsdale and Rochester Hills are slated to open later this year.
The three ALDI stores in Michigan will address the critical need for affordable, fresh food in one non-metro and two metro communities that experience high rates of food insecurity. Each store within the Project Area qualifies as an “Area of Greater Economic Distress” as defined by the Community Development Financial Institution (CDFI) Fund.
ALDI, America’s fastest-growing retailer, offers shoppers groceries at everyday low prices in more than 2,400 stores nationwide. ALDI focuses on the groceries commonly purchased by shoppers, primarily under its exclusive brands, and is committed to providing customers with quality products at the lowest possible prices. ALDI strives to reduce the company’s impact on the environment through an energy efficient store design, including state-of-the-art lighting and refrigeration systems that have reduced energy features and environmentally friendly building materials.
Approximately 27 new full-time equivalent positions will be created to support the new stores. All positions will be accessible to individuals without a four-year degree and will provide industry-leading benefits including competitive wages, health insurance, 401(k) program and paid time off.
“We are thrilled that ALDI continues to invest in Michigan,” said Eric Hanna, president, and CEO at Michigan Community Capital. “At a time when groceries are expensive, ALDI uses its skills in supply chain management and store efficiency to deliver affordable and healthy food where it’s most needed.”
New Markets Tax Credits are a federal subsidy tool administered by the U.S Department of Treasury and designed to attract capital to projects that support low- and moderate-income households and communities. Michigan Community Capital is the only Community Development Entity (CDE) that deploys this resource entirely in Michigan. Since the organization’s formation in 2005, MCC has secured $570 million in NMTC allocation through competitive rounds to support Michigan businesses and communities. MCC uses NMTC’s to support job creation, access to healthy food, and mixed-use projects that include mixed-income housing and commercial businesses that benefit low-income households.
U.S. Bancorp Impact Finance, a U.S. Bank subsidiary, is serving as the New Markets Tax Credit investor on this project. Impact Finance provided $3.65 million in Federal New Markets Tax Credits.
About ALDI
ALDI is America’s fastest-growing retailer, serving millions of customers across the country each month. Our disciplined approach to operating with simplicity and efficiency gives our customers great products at the lowest prices of any national grocery store.* ALDI strives to have a positive impact on its customers, employees and communities by being socially and environmentally responsible, earning ALDI recognition as a leading grocer in sustainability.** In addition to helping protect the planet, ALDI helps customers save time and money through convenient shopping options via in-store, curbside pickup or delivery at shop.aldi.us. For more information about ALDI, visit aldi.us. *According to the 2025 ALDI Price Leadership Report. **According to Progressive Grocer’s 2023 and 2024 Top 10 Most Sustainable Grocers list.
Michigan Community Capital
Michigan Community Capital is a 501(c)(3) nonprofit that exists to promote community and economic development, the creation of wealth and job opportunities; and to facilitate investment of private and public capital in Michigan. MCC is focused on driving economic mobility of low- and moderate-income Michigan residents and drives community development impacts in three key areas: Real Estate Development, CDFI lending, and New Markets Tax Credits. MCC is a U.S. Treasury certified Community Development Financial Institution (CDFI) and a Community Development Entity (CDE). Since 2005, MCC has supported over $1.4 billion in project financing, successfully attracted $510 million in federal New Markets Tax Credits, and helped to create over 1,500 housing units and facilitated the creation and/or retention of over 5,000 high-quality, accessible jobs. Michigancommunitycapital.org
