{"id":1004051609,"date":"2011-09-18T11:20:43","date_gmt":"2011-09-18T19:20:43","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=17302"},"modified":"2020-04-07T09:37:28","modified_gmt":"2020-04-07T17:37:28","slug":"home-sales-and-new-developments-continue-to-gain-momentum-in-the-region","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/home-sales-and-new-developments-continue-to-gain-momentum-in-the-region\/","title":{"rendered":"Home Sales and New Developments Continue to Gain Momentum in the Region"},"content":{"rendered":"<p>By Veronica Grecu, Associate Editor<\/p>\n<p>Representatives of local developer The Roxbury Group and non-profit groups Invest<\/p>\n<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2011\/09\/the-auburn-detroit.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-17303\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2011\/09\/the-auburn-detroit.jpg\" alt=\"\" width=\"300\" height=\"137\" \/><\/a> Detroit and Midtown Detroit programs announced this week the start of the Auburn complex, a 56,000-square-foot residential and retail development that will be built on a vacant and blighted property located at the corner of <a href=\"https:\/\/maps.google.com\/maps?q=Cass+Ave+and+Canfield+St&amp;hl=en&amp;ll=42.351567,-83.06414&amp;spn=0.006629,0.016512&amp;sll=42.351266,-83.063496&amp;sspn=0.006629,0.016512&amp;vpsrc=0&amp;t=m&amp;z=17\" target=\"_blank\" rel=\"nofollow\">Cass Avenue and Canfield Street.<\/a> \u00a0This is the largest mixed-use project planned for Midtown Detroit over the last year and it resulted from the area\u2019s growing demand for residential and commercial space.<\/p>\n<p>As reported by <em>Detroit Free Press<\/em>, the $12 million complex was designed by Detroit-based Kraemer Design Group and targets graduate students and young professionals looking for affordable and attractive housing in the district. The three-story building would comprise 54 one-bedroom units and four studio apartments at an average of 615 square feet each, with rents starting at $675 per month. The L-shaped building will also offer parking spaces for each apartment\u2014with fees included in the monthly rent\u2014and the remaining 39 spaces will be available for lease. The 11 commercial spaces totaling over 9,000 square feet are being supported by a loan granted by the Ford Foundation in an effort to attract local, independent retailers in the growing Midtown neighborhood.<\/p>\n<p>In other residential news, a report issued this week by Realcomp II Ltd shows that Metro Detroit home sales increased for the second consecutive month, informs <em>Crain\u2019s Detroit Business<\/em>. As compared to August 2010, homes sales in the region grew 19.4 percent thanks to very low prices and interest rates which lead to improved consumer confidence. According to Realcomp CEO Karen Kage, the sales momentum is likely to continue in September and October based on the number of pending sales that are expected to close within the next 60 days.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Veronica Grecu, Associate Editor<br \/>\nRepresentatives of local developer The Roxbury Group and non-profit groups Invest<br \/>\n Detroit and Midtown Detroit programs announced this week the start of the Auburn complex, a 56,000-square-foot residential and retail development that will be built on [&#8230;]<\/p>\n","protected":false},"author":1269,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1495,21742],"tags":[],"class_list":["post-1004051609","post","type-post","status-publish","format-standard","hentry","category-detroit","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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