Related Cos. JV Kicks Off Detroit Project
The community, built in partnership with the University of Michigan, will house graduate students and faculty.
A joint venture of The University of Michigan Center for Innovation, Related Cos. and Olympia Development of Michigan started construction on Founders House, a 313-unit multifamily project in Detroit. The building will house graduate students and faculty members.
Completion is scheduled for summer 2028. Construction costs are estimated at about $186 million according to The Detroit News. UMCI will lease the 13-story building for an initial term of 40 years.
Development partners include Elkus Manfredi Architects and Neumann/Smith Architecture as architect of record. The project is part of the Transformational Brownfield Plan for The District Detroit, an entertainment and sports destination, which encompasses retail, office, educational and residential space.
READ ALSO: Multifamily Real Estate Outlook 2026
Set to achieve LEED Gold certification, the multifamily development is taking shape within the city’s downtown at 2205 Cass Ave., adjacent to the UMCI academic building that is currently under construction. Detroit Metropolitan Wayne County Airport is 19 miles away.
Founders House will comprise studios, one-, two- and three-bedroom floorplans, as well as more than 8,500 square feet of retail space. A total of 63 units will be designated as affordable, according to Yardi Matrix.
At the end of last year, there were 4,300 units under construction in metro Detroit, the data provider shows. Additionally, there were 27,000 more apartments in various planning and permitting stages.
The District Detroit, up close
The District Detroit is a $1.5 billion mixed-use project, located between the city’s downtown and midtown areas, developed by Related Cos. and Olympia Development of Michigan. Upon full build-out, the 60-block master plan will comprise more than 1.2 million square feet of office space, 146,000 square feet of retail, 467 hotel rooms and 695 residential apartments, according to The City of Detroit website. About 20 percent of the units will be reserved for people earning up to 50 percent of the area median income.
The $250 million University of Michigan Center for Innovation is not part of the project, although it will be adjacent to Founders House. The project, set to come online next year, will span 200,000 square feet and will be a research and education center.
