Downtown Detroit Goes Residential: City Approves First Apartment Projects in Two Decades
By Veronica Grecu, Associate EditorAs predicted in a market report that Multi-Housing News Online published recently, things are looking up for Detroit’s housing market. Two new apartment projects were approved by the city’s Downtown Development Authority (DDA) which is part of the Detroit Economic Growth Corp (DEGC), marking the first residential buildings to be developed in the downtown area in more than two decades.
The Roxbury Group got the green light to revive a long-stalled condominium project that was put on hold in the early planning stages back in 2008 when the recession hit hard Detroit. Called The Griswold, the project now calls for 80 market-rate units that will be built on top of an existing 10-story parking garage and retail building located at 150 Michigan Avenue, next to the historic Westin Book Cadillac Hotel and within walking distance from Campus Martius. The conceptual plans for the $22 million project were designed by local architecture firm Kraemer Design Group, while Walbridge Aldinger Co. will serve as the construction manager, Crain’s Detroit Business reports. The Griswold will comprise one-, two- and three-bedroom units that will be available for rent in 2015.
The second residential project that was authorized by the DDA board is Statler City, residential building with up to 250 apartments that Farmington Hills-based Village Green Cos. will develop at Washington Boulevard and Park Avenue. According to The Detroit News, the $35 million to $40 million rental building will rise on the site of the former Statler Hotel facing Grand Circus Park. The construction site, which is currently owned by the city, will be transferred to the developer for $1.
According to the DDA board, Statler City was designed by BKV Group of Minneapolis to meet the National Association of Home Builders’ National Green Building Standards. The rental project includes a combination of housing ranging from 400-square-foot “micro-units” designed for young professionals to 1,200-aquare-foot apartments, as well as ground floor retail space, underground parking and a large-scale electronic screen facing Grand Circus Park. Developers estimate that Statler City Apartments could welcome its first residents in 2016.
“We have known for some time that people who want to live Downtown have found it very difficult to find apartments,” said in an official statement George W. Jackson, president and CEO of (DEGC), which will manage final development terms on behalf of the DDA. “These projects will go a long way toward meeting that demand.”
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Renderings via DEGC
Tags: Acquisitions/Dispositions, affordable housing, Architecture/Design, BKV Group, Campus Martius, Consumer, Conventional - Market Rate, DDA, DEGC, Detroit Lead Story, Developers, Development, Downtown Detroit, economy, Finance/Investment, Financiers, Grand Circus Park, Investors, Kraemer Design Group, leasing, Local, multi-family, National, Professional, Regional, rental units, Residential, Statler City Apartments, The Griswold, The Roxbury Group, Village Green Cos., Walbridge Aldinger Co.