There are some 30 development projects totaling almost three quarters of a billion dollars in investment in downtown Detroit happening right now, the Downtown Detroit Partnership notes.
The DDP, a public-private partnership that implements a tax on downtown businesses to maintain the central business district, underscores the development pipeline in its 2014 Downtown Development Update.
In giving the update, the DDP also sets a goal for the city’s core by the year 2020, including 10,000 residents in the area (there are currently 6,500 residents with an apartment capacity for 3,500), 400 retail establishments (there are currently 275 retailers and another 400,000 square feet of retail capacity), and 100,000 office employees (there are currently 85,000 employees).
At least one of the projects cited by DDP has already been completed, notably Dan Gilbert and Co.’s “Z” garage, which opened earlier this year, and others are close, such as the Detroit Institute of Music Education and the The Albert luxury condominiums.
The $650 million Detroit Red Wings arena and entertainment district project is also featured. That development is scheduled to be complete in 2016, and is supposed to transform about 45 blocks between downtown and Midtown when all is said and done.
Source: Mlive.com
