In 2013, Colony and Fisher Arms Apartments, one of the most problematic buildings in Detroit’s history, embarked on a $24 million rehabilitation and historic restoration process. It required a multi-tiered source of financing, which included $3.6M in Federal Historic Tax Credits, $15M in Federal Low Income Housing Tax Credits, a $6M FHA loan, a renewal of Section 8 rental subsidy, $500K Federal Home Loan Bank of Indianapolis Affordable Housing Program Funds and vacant city owned property that was utilized for secure parking. Colony and Fisher Arms Apartments is a 161-unit apartment community that provides safe and affordable housing. Prominently located adjacent to Detroit’s Gold Coast, Indian Village, and East Village historic neighborhoods, Colony and Fisher Arms is a true representation of the revitalization efforts taking place in the city of Detroit. Not only are buildings and communities being revived, but lives are being renewed through these efforts. “It is a completely different place,” said Mayor Mike Duggan. “This is the quality we’re going to continue to build for the people of the City of Detroit.”
With over one-hundred people in attendance, today’s event was a celebration to be remembered. Guest speakers included Mayor Duggan, Chief James Craig, of the Detroit Police Department, and Brenda Jones, Detroit City Council President. Cinnaire, Building Blocks and Chesapeake Community Advisors were honored to receive the Spirit of Detroit Award from City Council President, Brenda Jones. This award signifies Cinnaire’s commitment and dedication to making a significant impact in Detroit. The Colony and Fisher Arms Apartments project is part of Cinnaire’s $500 million investment in Detroit over the past 23 years. “Detroit appreciates you and all that you have done. Keep doing the good work you are doing here in Detroit!” Councilwoman Jones said to Mark McDaniel.
Talented students from GoLightly Career and Technical Center provided catering services.
Representatives from HUD, MSHDA, Huntington National Bank, and Continental Management also spoke at this historical event.
Dave Prout, of Chesapeake Community Advisors, and Dennis Quinn, of Cinnaire, unveiled the new identity of Colony and Fisher Arms Apartments which will now be called River Crest Apartment.
Ms. Sakina Smith, a six-year resident of Colony and Fisher Arms, shared her story of living in the poor conditions prior to the renovations. “My children and I can finally call this home.”
