Orleans Landing Finally Scheduled to Take Off
Another Detroit native—and a big-pocketed real estate developer—is betting big on the city’s recovery.
Phase I of a mixed-use project that was announced more than two years ago for Detroit’s Riverfront is finally breaking ground with an official ceremony scheduled for next week.
Developed by Richard Baron, a Detroit native and CEO of McCormack Baron Salazar Development, the Orleans Landing project is located on nearly eight acres of land next to the recently inaugurated Michigan Department of Natural Resources Outdoor Adventure Center on Atwater Street.
According to the developer, the first phase of the community is set for completion in April 2017 and will comprise 278 market rate apartments in a mix of one- and two-bedroom residences, including rental units, hybrid/retail lofts and townhouses, as well as approximately 10,000 square feet of retail space. Though the development team has not determined a timeline or cost estimates for Orleans Landing’s second phase, Crain’s Detroit Business reported that it will include more than 230 market-rate rental units along with a retail component.
The $65 million development is largely financed through a first-position mortgage from the Federal Housing Administration and public funds, and by private investors such as the Goldman Sachs Social Impact Fund, Community Capital Equity, Gershman Mortgage, the Kresge Foundation, Invest Detroit, and many others.
The Orleans Landing development team also includes O’Brien Edwards Construction Co. of Troy, St. Louis-based Brinkmann Constructors and local architecture firm Hamilton Anderson Associates.
McCormack Baron Management, Inc. will serve as the property manager.
Rendering credits: Hamilton Anderson Associates