Not too long ago in Detroit it was BIG NEWS to hear any announcement of residential development. Friday’s announcement at District Detroit raised the bar with plans to build 700 residential units across six new redevelopment and ground up construction projects. These projects are expected to rent out quickly due to increased housing demand along the Woodward corridor.
Jerry Kreuger, President of American Community Developers (ACD), spoke about their company’s unique opportunity to develop residential units in the most dense sports venue in the entire country. No other city has all four sports teams within a few short blocks of one another. ACD was chosen by the Illitch family because of their past success of historic residential redevelopment in the city of more than 2,200 units, many of those units being available for affordable housing.
Emmett Moten, former city development director and partner of Bagley Development Group, commented how far development of Detroit has come and how it is fulfilling so many people’s vision of a vibrant city. Bagley Development Group will be redeveloping the United Artist Building with 148 units, 20% of the units available for affordable housing. The other developments include Hotel Eddystone (100 units), Hotel Fort Wayne (170 units), Alhambra Apartments (50 units), and two new developments: Arena Lofts and One 11 West, both located in the shadow of Little Caesars Arena.
Chris Illitch, answering a reporter’s question, provided a poignant response that this announcement, as well as the entire building of the District Detroit, is the culmination of more than 50 years of work, philanthropy and vision of Mike and Marian Illitch. Many hope the Illitch vision will be realized in a new Detroit where both the neighborhoods as well as the city core become a desirable place to live, work and play!
ROBERT E. MATTLER is Managing Director for PACE-Equity in Michigan. He speaks, writes and reports about emerging sustainable real estate and development issues in Michigan and elsewhere. Bob is a senior correspondent for www.greeningdetroit.com. For more information, contact Bob at PACE-Equity (248) 762-4370; or by e-mail: email@example.com.