Basco Breaks Ground on New $38M Mixed-Use Development in Detroit’s Historic Paradise Valley

After seven years of preconstruction planning and a process that was described as “extremely difficult” by Mayor Mike Duggan and Basco Founder and President Roger Basmajian, ground finally broke on The Reckmeyer – a transformational new $38 million development in downtown Detroit’s historic Paradise Valley neighborhood.

 

 
 
 
 
 
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The Reckmeyer is a mixed-use development project located at 1322, 1326, and 1332 Broadway in the heart of Detroit’s Broadway Historic District and the Paradise Valley Cultural and Entertainment District. The project includes the restoration of two historic building facades to their original glory, plus a new ground-up residential and retail development, with estimated completion in December 2025.

Basmajian said this project was very, very complicated, as he and his team set out to save historic facades the best they could and create density in the project.

“This process started in 2017. The buildings themselves are three separate buildings with three different floor and ceiling heights, so it was impossible to create one larger building that would be ADA accessible. Then we wanted to go up and create density and realized that the structure itself couldn’t support additional floors, he said.

“So we went back to the drawing board to figure out how we could do this and keep our promise to the city, which was to not tear these buildings down and to create density. What we’ve come up with is to create a super-steel structure within the building and create a steel building that’s tucked back about 15 feet and going up about nine stories. We have 80 residential units and about 20% of them are deeply affordable at 60% AMI, so we’re talking about a one-bedroom that’s very affordable at about $1,007. We really could not have done this project without our equity partners and the full support of the mayor, who never gave up on the project.”

The 80-unit residential building will be eight stories above ground level, with a mix of studios, one-bedroom, two-bedroom, and penthouse apartments. But what makes this a truly inclusive and transformational project is that, in an effort to increase affordable housing in downtown Detroit, 20% of the units will be offered at 60% area median income, which translates to rent rates at roughly $1,000 a month in the heart of downtown.

The ground floor has the capacity for one or two retail and restaurant spaces, and residents will enjoy a range of amenities, including a community room, fitness center, pet wash station, and both tenant and bike storage facilities.

Finally, The Reckmeyer project incorporates design elements and connections to the adjacent alley which is being converted into an activated pedestrian walkway. The alley project connecting Gratiot to Grand River Avenues is being led by Basco in an owner’s rep capacity on behalf of the Paradise Valley Cultural and Entertainment District Conservancy. Alley developments will include major utility replacements, hardscaping, landscaping, lighting, outdoor furniture, local artwork in various mediums, refuse enclosures, and many other improvements for the use and enjoyment of the community at large.

“The design of this is brilliant. Roger realized the only way the storefronts were going to work is if you build density in the neighborhood, and so he’s building up 8 stories and 80 new units. Who wouldn’t want to be in a downtown apartment at $1,000 a month, a couple blocks from the stadiums and in the heart of downtown?” Duggan said. “It is going to fill the hole that sits here between the downtown area and the stadium district, and I am just so pleased.”

Dennis Archer Jr., CEO of Sixteen42 Ventures, during his opening remarks at Monday’s groundbreaking ceremony, described why developments in Paradise Valley like The Reckmeyer are so important toward the preservation of historically Black cultural districts.

“This is the way the story goes in America. Cities evolve, freeways come into place, stadiums get built, that history in those neighborhoods get eradicated. This mayor, beginning in 2014, decided that the city should rename this area Paradise Valley to pay homage to the history of Black entrepreneurship in the city of Detroit,” he said.

“And so later that year, there was an RFP that was put out for multiple properties and several of us, including myself and including Rodger and Hiram Jackson, and Rainy Hamilton, we’re very happy for the opportunity to be able to do that part of the driver behind what we’re doing as a conservancy, separate from us being individual investors, by improving, beautifying, and maintaining, as well as programming.”

The project, spearheaded by Basco in partnership with Kraemer Design Group (Architect), Roncelli, Inc. (Construction Manager), and key stakeholders such as the Michigan Economic Development Corporation (MEDC), Detroit Economic Growth Corporation (DEGC), City of Detroit Downtown Development Authority (DDA), and Independent Bank, aims to restore and reimagine elements of Detroit’s rich architectural history while fostering growth, density, and vibrancy in the area.

David Howell, Vice President of Development Services at the Detroit Economic Growth Corporation, has been working side by side with Basmajian since the project began seven years ago.

“Today, it seems like we’ve come full circle as I’m standing proudly with him speaking at a groundbreaking event for his most significant project in Detroit to date, which means the world to me for me. This is much more than a celebration of what’s to come. It’s also a celebration of who Roger is,” he said. “This project and projects similar to Roger’s located within the Central Business District are incredibly tough to put together and it takes the willingness of a multiplicity of organizations to support them.”

City Council President Mary Sheffield said of the project: “It’s something that’s going to support community and support the vision that’s been laid out by the mayor and the city council. And it’s going to bring critical housing for workforce investments in places that are a critical key of keeping talent in the state of attracting new talent to the state.”

Additionally, she praised Basmajian for going above and beyond the city’s minimum requirement for new housing developments downtown, where 20 percent of the units have to be available at 80% of the area median income.

“I just want to echo the folks here today in offering our congratulations. My thanks for the continued partnerships we have at the DEGC and in the city of Detroit, and I know that this is the first of many more to come. So, thank you to Roger and team.”

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