Project Type(s): Arts, College or Vocational Training, Community, Historic Rehabilitation, Mixed-Use, Schools, and Youth and Families

Project Year: 2008

CDE(s): Capital Impact Partners, Consortium America, Enterprise Community Partners, Local Initiatives Support Corporation, National New Markets Fund, and U.S. Bancorp Community Development Entity

NMTC amount: $67,360,100

Total Project Costs: $155,845,511

An arts and design College and dorm, Charter Middle/High School and business accelerator: Located in downtown Detroit, MI, The Argonaut project converted a historic GM building into a 760,000 sq. ft. mixed-use educational facility. The College of Creative Studies' expansion campus features educational facilities for undergraduate and graduate programs, residential facilities for up to 300 students and an arts and design middle and high school serving approximately 900 students annually. The project achieves LEED Certification for Existing Buildings, incorporates sustainability features, and may incorporate alternative energy generation once construction is complete. Six NMTC allocatees were involved in the transaction to overcome long-standing development hurdles. (NNMF NMTCs: $7.5 million)

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Address: 485 West Milwaukee Avenue, Detroit, MI