Banyan plans residences, market, Shakespeare in Detroit home at Stone Soap building
Banyan Investments LLC has been chosen as the developer to transform the vacant Stone Soap building on Detroit’s east riverfront in a $27 million project.
Banyan, which is led by Aamir Farooqi and Scott Ord, plans “63 or 64” condominiums and apartments, a “European-style” market with food retailers and seating and a new home for the Shakespeare in Detroit nonprofit, Farooqi said Wednesday morning.
“I love Shakespeare, and these guys get to have a home for as long as it takes them to become financially viable,” he said of the 501(c)3 organization.
About half of the residential units will be condos and half will be apartments, with some units designated as affordable for those making less than the area median income.