Lafayette West, $150M Development, Breaks Ground in Historic Lafayette Park

Set for Spring-2023 Move-In

DETROIT, May 17, 2022 /PRNewswire/ -- Dignitaries from around the area will gather for a groundbreaking ceremony in in historic Lafayette Park with Detroit developer, Mark Bennett, Mayor Mike Duggan, Council President Sheffield, MEDC representatives, business leaders, and elected officials on May 17 at 2 p.m. The event is a ceremonial groundbreaking on Lafayette West, a 318-unit, condominium and apartment community that will serve as a connecting point between Lafayette Park and the greater Downtown area on many fronts.

Located in Lafayette Park, the development is in walking distance to several area attractions, employment areas of the Central Business District, arenas and entertainment venues, the Eastern Market, the Dequindre Cut bicycle/walking path, the new Meijer Rivertown Market, and the River Walk, Detroit's beautiful riverfront park.

Lafayette West is a $150-million upscale, residential, condominium and apartment community, that will offer a mix of studio, one-bedroom and two-bedroom floor plans ranging in size from 436 to 1,223 square feet, with secured and enclosed parking, gourmet kitchen appliances, a large state-of-the-art fitness center, swimming pool, electric vehicle charging stations for all vehicles, co-working, club room and social room, and more. Twenty percent (20%) of the 230 (46) apartments have below market rents to provide affordable housing. All of the affordable units are proportional to each building's unit/floorplan mix and are unrestricted as to location within the building.

"We saw this as an ideal opportunity to develop a unique community to contribute to the    lives of the Lafayette Park neighborhood" said Mark Bennett, owner/developer. "Lafayette West offers differentiating amenities and is centrally located, while offering affordable living to Detroiters."

The development received a Brownfield TIFF which includes the City's portion of $11.2 million over 30 years as well as a 15-year NEZ including the City's portion of $5.3 million.

"Lafayette West is going to be a great addition to the Lafayette Park area, providing       residents a beautiful neighborhood setting immediately outside of downtown," says Mayor Mike Duggan. "The fact that 20% of the apartment units will be reserved for people earning below the area average means that Detroiters of varying income levels will have the opportunity to live together in this beautiful new community."

The development is following the City's Executive Order on Detroiter hiring with a construction workforce made up of at least 51% Detroit residents and 30% of all construction-related contracts going to Detroit based businesses.  The Development is being developed pursuant to a Community Benefits Ordinance (CBO) Agreement with the City of Detroit.

Mark Bennett and team are also co-developers of Exchange, a high-rise 165-unit residential development under construction in the Central Business District and lead equity investors in DuCharme Place, The Griswold, The Corner, The Kahn and Central Park Apartments.

Lafayette West partners and collaborators include: @Properties, Christie's International Real Estate, Brinker Construction, AM Higley, the City of Detroit, Wayne County, Fourmidable, MJBennett, Ghafari, Pappas Financial, Parini, Blaze Contracting, PEA, the Michigan Strategic Fund and Zoyes Creative.

Members of the media who wish to attend the event or who require more information should call Tatiana Grant at (248) 514-9620 or email [email protected] and additional information can be found at https://lwdetroit.com/.

Contact: Tatiana Grant
[email protected]
(248) 514-9620

SOURCE Lafayette West