{"id":1004050240,"date":"2012-09-20T11:04:26","date_gmt":"2012-09-20T19:04:26","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=69839"},"modified":"2020-04-08T12:45:41","modified_gmt":"2020-04-08T20:45:41","slug":"renovated-bell-building-welcomes-first-wave-of-residents","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/renovated-bell-building-welcomes-first-wave-of-residents\/","title":{"rendered":"Renovated Bell Building Welcomes First Wave of Residents"},"content":{"rendered":"<p style=\"text-align: justify;\">By Veronica Grecu, Associate Editor<\/p>\n<p style=\"text-align: justify;\">Detroit\u2019s Neighborhood Service Organization (NSO), a private non-profit human service agency looking to provide shelter to homeless people, announced that the first group of residents has moved into the former Michigan Bell Telephone Co. building as a complex revitalization process is nearing completion at the site.<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/09\/nso-bell-building.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-69844\" title=\"nso-bell-building\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/09\/nso-bell-building.jpg\" alt=\"\" width=\"300\" height=\"114\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">Back in April, NSO broke ground on a $50 million renovation project at the historic structure at 882 Oakman Boulevard through a combination of private donations, equity financing, tax credits, loans and federal grants. Now known as the NSO Bell Building according to <em>MLive.com<\/em>, the 255,000-square-foot property includes 155 one-bedroom apartments for homeless adults and offices for NSO staff members who are expected to move in by mid-2013. Unlike other housing facilities for less fortunate residents, the NSO Bell Building offers treatment for drug addiction, mental-health counseling and case management services, a library, arts and computer rooms, a gym and fitness center, a chapel, a laundry facility and recreational space.<\/p>\n<p style=\"text-align: justify;\">As previously reported, each unit is equipped with a refrigerator, stove, garbage disposal, dishwasher, internet connection and central air conditioning, and 90 apartments are fully furnished. All residents must qualify for the Housing and Urban Development voucher; if eligible, they will pay one third of their income for an apartment in the building (or around $650 per month).<\/p>\n<p style=\"text-align: justify;\">The Bell Building was built in 1929 by Western Electric; since then it has been used for a variety of businesses including a warehouse, office, garage and even a publishing house. In 2009 the building was listed on the National Register of Historic Places.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/09\/detapt.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft  wp-image-69912\" title=\"detapt\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/09\/detapt.jpg\" alt=\"\" width=\"224\" height=\"240\" \/><\/a>Asking rents for Class B\/C properties\u00a0in Detroit\u00a0have recorded a 2.3% rise in Q3, reaching $722 per month. According to Marcus &amp; Millichap, it is estimated that in the following months effective rents will climb 2.9% to $778 per month, while average concessions will be reduced by two days of free rent.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.multihousingnews.com\/news\/market-snapshot-as-auto-industry-bounces-back-detroit-sees-sharp-increase-in-multifamily-rentals\/1004049836.html\" target=\"_blank\" rel=\"nofollow\"><strong>Click here<\/strong><\/a> for a complete Detroit market report.<\/p>\n<p style=\"text-align: justify;\"><em>NSO Bell Building images courtesy of\u00a0<a href=\"https:\/\/www.nso-mi.org\/\">www.nso-mi.org<\/a><\/em><\/p>\n<p style=\"text-align: justify;\"><em>Chart credits to Marcus &amp; Millichap<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Veronica Grecu, Associate Editor Detroit&rsquo;s Neighborhood Service Organization (NSO), a private non-profit human service agency looking to provide shelter to homeless people, announced that the first group of residents has moved into the former Michigan Bell Telephone Co. building as a complex revitalization process is nearing completion at the site. Back in April, NSO [&#8230;]<\/p>\n","protected":false},"author":1269,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1495,21742],"tags":[1815],"class_list":["post-1004050240","post","type-post","status-publish","format-standard","hentry","category-detroit","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Renovated Bell Building Welcomes First Wave of Residents - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/renovated-bell-building-welcomes-first-wave-of-residents\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Renovated Bell Building Welcomes First Wave of Residents\" \/>\n<meta property=\"og:description\" content=\"By Veronica Grecu, Associate Editor Detroit&rsquo;s Neighborhood Service Organization (NSO), a private non-profit human service agency looking to provide shelter to homeless people, announced that the first group of residents has moved into the former Michigan Bell Telephone Co. building as a complex revitalization process is nearing completion at the site. 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