"This project is putting a vacant building back to use," said Melinda Clemons, a senior loan officer at Capital Impact Partners, which is financing the development. "(We believe this project) will be transformational and will spur new development in the area."

Ralph C. Wilson Jr. Foundation's Center of Excellence will move its offices from Grosse Pointe Farms and occupy part of the 9,600-square-foot first floor, as well as 8,000 square feet of the second floor of the building. The first floor will also be home to a yet-to-be-named restaurant and two retail spaces. The third floor will contain 10 residential units, with three of those being "affordable" units.

The project is expected to create 37 full-time jobs.

The Shoppes at Woodward on Wednesday won a $750,000 performance-based grant from the Michigan Community Revitalization Program, a program available from the Michigan Strategic Fund, a division of the Michigan Economic Development Corp. The city of Detroit has established an Obsolete Property Rehabilitation Act district for the site, and is expected to approve a request for a 12-year tax abatement valued at $502,451.

Midtown Detroit Inc. purchased 11 buildings in 2015 in New Center as a way to jump start the neighborhood, especially with the M-1 Rail streetcar line set to run along Woodward Avenue at Grand Boulevard.