$60 Million Residential and Retail Building Coming to Midtown Detroit
By Veronica Grecu, Associate Editor
A 1.5-acre site in Detroit is set to be replaced by a much-needed $60 million mixed-use complex as part of Wayne State University’s “2020 Master Plan” that aims to revitalize the South University Village neighborhood.
The underutilized parking lot is located at the intersection of Cass Avenue and Canfield Street in the surging Midtown Detroit neighborhoods, one of the most populous areas in the city.
According to a news release, the project development will enhance the connection between WSU’s main campus and its medical campus while promoting Midtown as a walkable and bicycle-friendly neighborhood. Developed by Broder & Sachse Real Estate Services, the project will break ground by late fall 2014 and is expected to be complete in 2016.
The nine-story building will add 248 market-rate apartments to Midtown, where occupancy rates are exceeding 95 percent. The project designed by local architecture firm Kraemer Design Group also includes space for a hotel—probably a mid-level national brand with 120 guest rooms, Detroit Free Press notes—and a conference center for up to 300 people. The building will incorporate 19,000 square feet of ground floor retail space.
“The demand and rapid growth in Midtown and Downtown Detroit makes the timing for this development optimal. We know this will be a great asset for the university and the community,” said Todd Sachse, a spokesperson for Broder & Sachse Real Estate, in a press statement.
Rendering by Broder & Sachse Real Estate Services courtesy of Wayne State UniversityTags: Architecture/Design, Broder and Sachse Real Estate Services, Commercial, Consumer, Conventional - Market Rate, Detroit Lead Story, Developers, Development, Finance/Investment, Financiers, Hospitality, Investors, Kraemer Design Group, Local, market-rate apartments, Midtown Detroit, mixed-use development, multi-family, National, Professional, Regional, Residential, retail, Wayne State University