The Ribbon is a new mixed-use affordable housing development in Detroit’s East Warren neighborhood. The project is the largest development along the E. Warren Ave. corridor in decades and will bring $8.2m of investment, including brand-new affordable residential housing and first floor retail. The Ribbon will help catalyze the neighborhood’s revitalization efforts, directly responding to community desire for mixed-use projects that support affordable housing options and local businesses accessible to the community.
As part of the Strategic Neighborhood Fund (SNF) work, Invest Detroit sought proposals to rehabilitate the existing commercial structure at 16530 E Warren and based on feedback from the neighborhood, selected Edward Carrington for the project. The Ribbon is the first project led by Carrington of Flux City, an emerging developer of color based in Detroit.
The project includes the construction of a 3-story, 20,240 sf mixed-use building (the Ribbon) after the demolition of an existing former bank building on the site. The new development will provide 18 new affordable apartments, all below market rate to make them affordable to Detroiters living in the area. Fourteen of the apartments will rent at or below 80% AMI, while four of the units will be available at or below 60% AMI. In addition to the affordable residential housing, the first floor will include retail space that will be occupied by a local foodie favorite, Gajiza Dumplings, which will make the Ribbon its first permanent home after operating in pop ups and out of a food truck.
The $8.2 million redevelopment was made possible by $600,000 in loans from the Detroit Housing for the Future Fund. Invest Detroit through the Strategic Neighborhood Fund also provided a $1.4 million grant to the development along with a $7.75M NMTC allocation that contributes a net subsidy to the project of approximately $1.4M. The development also received $338,199 in DHFF Preferred Equity, $2.2 million from Capital Impact Partners, CIP EDI grant of $75,000, and $1.3 million investment from Michigan Economic Development Corporation.
The Ribbon embodies the mission of Detroit’s Strategic Neighborhood Fund, a $150 million initiative launched in 2016 by Mayor Duggan and Invest Detroit with a focus on leveraging investments in four key areas: improving parks, streetscapes, commercial corridors and single-family housing as it will strengthen the commercial corridor and enhance the streetscape improvements in place. All along the way, the plans are guided by resident input, empowering them to decide the future of their neighborhoods.
The project is currently under construction and is expected to be completed in the fall of 2024.