Ribbon Cutting Ceremony of “The Ribbon”, (Photo Credit, Marquise D Burns, Social Media Manager, Michigan Chronicle)
With the cost of living continuing to rise, in a significant boost to affordable housing in Detroit, city officials, including LISC Detroit, Invest Detroit, and members of the City Council, celebrated the grand opening of “The Ribbon,” a groundbreaking multi-use development by local developer Edward Carrington of Flux City Development. This $8.2 million project, the largest along the E. Warren Ave. corridor in decades, adds 18 new affordable housing units to the city’s growing inventory, marking a pivotal step in addressing the community’s housing needs.
This is the first project from Edward Carrington and Flux City Development, an emerging developer of color based in Detroit. The new development will provide 18 affordable apartments, all below market rate to make them affordable for 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. Under the terms of the agreement, affordability of the apartments is guaranteed for the next 25 years. The project also features stainless steel appliances, granite countertops, and a washer/dryer combo in each unit in a walkable area, East English Village, making it a standout in the affordable housing landscape.
Carrington highlighted that the aim was to establish an environment that mirrors the needs, aspirations, and visions of the East English Village community.
“The Ribbon represents new beginnings—a project that will bring opportunities not just for businesses but also for families and individuals looking to call this community home,” Carrington said.
In addition to the residential space, community space on the ground floor will be occupied by Aura Vibez Movement Studio, which will make the Ribbon its first permanent home. Aura Vibez will hold 2,000 square feet of sanctuary space where people can be vulnerable and enjoy diverse fitness practices like yoga, calisthenics, and more. More retail announcements are expected in the near future.
The $8.2 million redevelopment was made possible by $600,000 in loans from the Detroit Housing for the Future Fund. The Strategic Neighborhood Fund also provided a $1.4 million grant to the development. The development also received $338,199 in DHFF Preferred Equity, $2.2 million from Capital Impact Partners, a CIP EDI grant of $75,000, and a $1.3 million investment from Michigan Economic Development Corporation.
Damon Hodge, senior loan officer for Capital Impact Partners emphasized The Ribbon is another welcome addition into the East Warren Avenue corridor, with more affordable housing and a commercial space that will help revitalize this neighborhood.
“We are proud to provide Ed Carrington and Flux City with financial support for this project,” Hodge said.
“Since graduating from our Equitable Development Initiative years ago, Ed has not only developed real estate with the needs and desires of Detroit’s residents in mind, but he has also become a mentor and a champion for other emerging developers in our region.”
The project has qualified for a DHFF Developers of Color Matching Grant aimed at supporting minority-led affordable housing and preservation developments in Detroit. This grant provides up to $100,000 in matching funds for predevelopment expenses and soft costs, made possible through a partnership between DHFF and JPMorgan Chase.
Tiffany Durr, Interim President, LISC Fund Management, expressed DHFF and LISC Detroit are not only expanding affordable housing options for Detroiters but also empowering local talent and people of color to be at the forefront of building these spaces.
“Through initiatives like the Developers of Color Grants, we’re breaking down barriers for minority developers, ensuring that the benefits of these developments are felt across the community,”Durr said.
DHFF is a private investment fund focused on creating and preserving affordable housing in Detroit. It has secured a total of $58 million, including a $15 million commitment from JPMorgan Chase and a $10 million guarantee from The Kresge Foundation. The fund is managed by LISC Fund Management, LLC, a subsidiary of the Local Initiatives Support Corporation.
LISC Detroit provides loans for the Detroit Housing for the Future (DHFF). DHFF is part of the Affordable Housing Leverage Fund, which works with the City of Detroit’s Housing and Revitalization Department and the Michigan State Housing Development Authority (MSHDA). With this funding, the DHFF has supported 17 developments, resulting in 582 new or preserved affordable housing units in the city.
Julie Schneider, Director of the City of Detroit’s Housing & Revitalization Department expressed marking a significant milestone in thier commitment to affordable housing and community revitalization.
“This project, made possible by DHFF, the Strategic Neighborhood Fund and our dedicated partners, embodies our vision for a more equitable Detroit. With 18 new affordable units, we’re not just building homes; we’re fostering community and opportunity for our residents,” Schneider said.
The Ribbon is partly funded by Detroit’s Strategic Neighborhood Fund, which is a $150 million program started in 2016 by Mayor Duggan and Invest Detroit. This initiative focuses on improving parks, streets, commercial areas, and single-family homes. It also encourages residents to share their input, helping them shape the future of their neighborhoods.
The fund started with a $42 million investment in three neighborhoods: Livernois/McNichols, Southwest/Vernor, and Islandview/Greater Villages. After two years, the initiative expanded to seven more areas with a $5 million investment from each of these seven companies: American Axle, Blue Cross Blue Shield of Michigan, Chemical Bank, Fifth Third, Flagstar Bank, Huntington, and Penske. Blue Cross Blue Shield of Michigan sponsors the East Warren/Cadieux area of the initiative.
Ken Hayward, vice president and special assistant to the president for Community Relations at Blue Cross Blue Shield of Michigan, expressed being honored to support The Ribbon and contribute to the revitalization of East English Village.
“At Blue Cross Blue Shield of Michigan, we know that affordable housing is a key component of healthy communities. This project has truly been community-driven, reflecting the voices and needs of local residents. We are proud to partner with them to make this vision a reality,” Hayward said.
“Blue Cross Blue Shield of Michigan’s ongoing commitment to the East Warren / Cadieux neighborhood underscores our dedication to fostering vibrant, thriving neighborhoods where everyone has the opportunity to succeed.”
Community engagement is crucial for SNF projects, involving consultations with neighborhood residents and organizations to determine beneficial developments for the area.
Joseph Rashid, executive director of East Warren Development Corp highlighted Edward Carrington embodies the kind of developer the community values and prioritizes collaboration, ensuring that development on E. Warren Ave is happening with the community, not imposed upon it.
“From hosting the farmers market at his site in 2020 to organizing community coffee hours and engaging residents through online discussions, Edward has consistently been attentive and responsive to the community’s needs,” Rashid said.
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