Posted Jun 18, 2026, 7:17 PM
|
|
Registered User
|
|
Join Date: May 2025
Posts: 156
|
|
Former Busy Bee hardware property in Eastern Market targeted for $12.5M redevelopment
Quote:
Detroit-based Basco of Michigan Inc., run by Roger Basmajian, is asking for $2.22 million in reimbursements that would help create 17 apartments and 6,100 square feet of retail space in the vacant properties at Gratiot Avenue and Russell Street, one of the main gateways to the city’s historic food district east of downtown. Construction would start in the fall and wrap up in the winter 2028, according to a copy of the brownfield reimbursement plan. The Brownfield Redevelopment Authority and City Council need to sign off on the reimbursement.
Basmajian said City Council is expected to consider the request later this month. The 17 units would consist of three studios, 12 one-bedrooms and two two-bedroom units. Of those, four — one studio, two one-bedrooms and one two-bedroom — would be considered affordable at 80% of the Area Median Income.
That figure amounts to $58,700 for a one-person household, $67,100 for two people, $75,500 for three and $83,850 for four, according to the Michigan State Housing Development Authority.
As for the others, studios would be about $1,100, one-bedrooms would be about $1,300 and the two-bedrooms would be about $2,600, Basmajian said.
“We are going to restore the building back to its original glory,” Basmajian said. “Anything that was modified, or poorly modified, over the years is going to be ripped out to look like it did in the late 1800s and early 1900s. All the artists that put murals on the building, once we do the tuck-pointing, we are going to ask them to come back and touch them up, if we can locate them.”
|
https://www.crainsdetroit.com/real-estate/commercial/cdb-busy-bee-redevelopment-20260618/
|