Detroit is the toughest place to try to start an urban renaissance, but ambitious developers are giving it their best shot.
The Griswold, an 80-unit apartment complex from developer David Di Rita, opened last month, as Realtor.com reports. It is the first new downtown high-rise apartment building in a quarter century.
The apartments, which were built in a five-story structure on top of an existing 10-story parking facility, feature nice amenities such as picturesque windows, granite countertops, and polished concrete floors.
Other benefactors are launching their own projects. Dan Gilbert, the founder of Quicken Loans, is building a 400-unit complex and 200 micro-unit facility, and real estate development firm McCormack Baron Salazar is constructing a 300-unit building and a 200-unit complex downtown.
In all, about 2,000 new rental units came onto the market last year or are expected to in 2017, according to apartment-data firm MPF Research. That is the same number of units built in the city over the previous 16 years.
Advertisement
Related Stories
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development
Sustainability
Which Green Building Practices Are Home Builders Using Most?
A recent report reveals which green-building practices are most popular among single-family home builders and remodelers
