This report by Kirk Pinho in Crain's would be notable, encouraging news even if Detroit weren't in its eighth month of bankruptcy:
The first new apartment construction in the central business district since 1992 is expected to begin by the end of this year after the Detroit Downtown Development Authority on Wednesday approved a development agreement for a $22 million project.
Construction on The Griswold — an 80-unit development with one-, two- and three-bedroom market-rate apartments at Griswold Street and Michigan Avenue — is expected to begin at the end of this year and be completed in late 2015.
Architectural illustration from the Detroit-based Roxbury Group shows its mixed-use development next to the Westin Book Cadillac hotel.
Tenants will live on five new floors added to a 10-story garage and retail building next to the Westin Book Cadillac Detroit hotel, Pinho writes.
He quotes from a statement by George Jackson, presiudent and CEO of the Detroit Economic Growth Corp.:
“We have known for some time that people who want to live downtown have found it very difficult to find apartments. These projects will go a long way toward meeting that demand.” . . .
The DDA board also authorized on Wednesday the Detroit Economic Growth Corp. to negotiate a development agreement with Farmington Hills-based Village Green Cos. for 200-250 apartments at Washington Boulevard and Park Avenue.Village Green’s Statler City development, proposed for the site of the former Statler Hilton Hotel on Grand Circus Park, is expected to be complete in 2016.
