{"id":1004094298,"date":"2014-04-08T05:11:52","date_gmt":"2014-04-08T13:11:52","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=251980"},"modified":"2020-04-28T03:44:54","modified_gmt":"2020-04-28T11:44:54","slug":"downtown-detroit-goes-residential-city-approves-first-apartment-projects-in-two-decades","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/downtown-detroit-goes-residential-city-approves-first-apartment-projects-in-two-decades\/","title":{"rendered":"Downtown Detroit Goes Residential: City Approves First Apartment Projects in Two Decades"},"content":{"rendered":"

By Veronica Grecu, Associate Editor<\/em><\/p>\n

\"The<\/a><\/p>\n

The Griswold – designed by Kraemer Design GroupAs predicted in a market report<\/a><\/strong> that Multi-Housing News Online<\/em> published recently, things are looking up for Detroit\u2019s housing market. Two new apartment projects were approved by the city\u2019s Downtown Development Authority (DDA) which is part of the Detroit Economic Growth Corp (DEGC), marking the first residential buildings to be developed in the downtown area in more than two decades.<\/p>\n<\/div>\n

The Roxbury Group got the green light to revive a long-stalled condominium project that was put on hold in the early planning stages back in 2008 when the recession hit hard Detroit. Called The Griswold, the project now calls for 80 market-rate units that will be built on top of an existing 10-story parking garage and retail building located at 150 Michigan Avenue, next to the historic Westin Book Cadillac Hotel and within walking distance from Campus Martius. The conceptual plans for the $22 million project were designed by local architecture firm Kraemer Design Group, while Walbridge Aldinger Co. will serve as the construction manager, Crain\u2019s Detroit Business<\/em> <\/a>reports. The Griswold will comprise one-, two- and three-bedroom units that will be available for rent in 2015.<\/p>\n

\"Statler<\/a><\/p>\n

Statler City Apartments – designed by BKV Group<\/p>\n<\/div>\n

The second residential project that was authorized by the DDA board is Statler City, residential building with up to 250 apartments that Farmington Hills-based Village Green Cos. will develop at Washington Boulevard and Park Avenue. According to The Detroit News<\/a><\/em>, the $35 million to $40 million rental building will rise on the site of the former Statler Hotel facing Grand Circus Park. The construction site, which is currently owned by the city, will be transferred to the developer for $1.<\/p>\n

According to the DDA board, Statler City was designed by BKV Group of Minneapolis to meet the National Association of Home Builders\u2019 National Green Building Standards. The rental project includes a combination of housing ranging from 400-square-foot \u201cmicro-units\u201d designed for young professionals to 1,200-aquare-foot apartments, as well as ground floor retail space, underground parking and a large-scale electronic screen facing Grand Circus Park. Developers estimate that Statler City Apartments could welcome its first residents in 2016.<\/p>\n

\u201cWe have known for some time that people who want to live Downtown have found it very difficult to find apartments,\u201d said in an official statement George W. Jackson, president and CEO of (DEGC), which will manage final development terms on behalf of the DDA. \u201cThese projects will go a long way toward meeting that demand.\u201d<\/p>\n

Click here<\/strong><\/a> for more market data on Detroit.<\/p>\n

 <\/p>\n

Renderings via DEGC<\/a><\/em><\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

As predicted in a market report that Multi-Housing News Online published recently, things are looking up for Detroit’s housing market. Two new apartment projects were approved by the city’s Downtown Development Authority (DDA) which is part of the Detroit Economic Growth Corp (DEGC), marking the first residential buildings to be developed in the downtown area in more than two decades.<\/p>\n","protected":false},"author":258,"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":[1815],"class_list":["post-1004094298","post","type-post","status-publish","format-standard","hentry","category-detroit","category-latest","tag-national"],"acf":[],"yoast_head":"\nDowntown Detroit Goes Residential: City Approves First Apartment Projects in Two Decades - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/downtown-detroit-goes-residential-city-approves-first-apartment-projects-in-two-decades\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Downtown Detroit Goes Residential: City Approves First Apartment Projects in Two Decades\" \/>\n<meta property=\"og:description\" content=\"As predicted in a market report that Multi-Housing News Online published recently, things are looking up for Detroit’s housing market. 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