Borrower
Name
​
Bagley Vision
Project
Location
​
2150 Bagley St
- Corktown -
Project
Type
​
Commercial Real Estate, Mixed Use
Project
Partners
​
Invest Detroit, LISC Detroit, MEDC, Independent Bank
In the shadow of the recently completed Michigan Central Station in Detroit’s bustling and gentrifying Corktown neighborhood, this project involves the adaptive reuse of a 23,000 sq. ft. former warehouse into mixed-use. This includes 9,900 sq. ft. of commercial space for 3 local restauranteurs and 14 units of housing, including 3 units affordable at 80% AMI. Residential amenities will include in-unit laundry facilities, high-end finishes in all units, and views of Downtown and Canada.
The project aligns with the City of Detroit’s multi-family affordable housing strategy which is focused on two fronts: preserving the affordability and quality of the existing housing stock and producing new housing that is priced affordably to people across a variety of incomes.
Detroit LISC provided a $4.9M construction and bridge loan alongside Independent Bank, which provided a $1.0M construction loan, for conversion of the building and construction of the units.
The Michigan Economic Development Corporation provided nearly $991,000 in grant funds, and Invest Detroit provided a $1.26M acquisition and predevelopment loan. LISC also provided $1.0M of Michigan CDFI funding in support of this project.
Expected tenant occupancy is Spring 2026.
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