DDA Gives Preliminary Approval to Two Residential Projects

03/26/2014

The Detroit Downtown Development Authority (DDA) has authorized Detroit Economic Growth Corp. (DEGC) to negotiate development agreements with two firms for two separate projects to build apartment housing Downtown. The Roxbury Group earned preliminary approval for The Griswold, an 80-apartment development that would be built directly on top of the parking garage at 150 Michigan Ave., next to the Westin Book Cadillac Hotel. Village Green Holding, LLC earned preliminary approval for Statler City, a 200-250 apartment unit that would be built at Washington Blvd. and Park Ave., directly across from Grand Circus Park.

Detroit Mayor Mike Duggan, who also serves as the chair of the DDA said, "It's great news that there is strong enough demand to build another 300 or more residential units in our downtown core. This is more evidence that a growing number of people are excited about living in Detroit because they are seeing good things happening."

The idea for The Griswold was first proposed as a condominium development in 2007. When the housing market collapsed, the project was cancelled. Under the new development agreement, a five-story structure would be built on top of the deck at an estimated cost of $22 million. The 80 housing units will be rental apartments. The agreement anticipates construction could begin this year and be completed in 2015.

Village Green, the developer of the Statler City project is a nationally recognized firm with Detroit roots and projects in 13 states. It recently renovated and renamed Trolley Plaza as Detroit City Apartments and the former Millender Center Apartments as Renaissance City Apartments. It is planning to invest between $30 million and $35 million in the project, build it to meet the National Association of Home Builders’ National Green Building Standards and develop first-floor retail space along Washington Blvd. Parking for tenants will be underground. The developers hope to complete the project in 2016.

“We have known for some time that people who want to live Downtown have found it very difficult to find apartments,” said George W. Jackson, president and CEO of Detroit Economic Growth Corporation (DEGC), which will manage final development terms on behalf of the DDA. “These projects will go a long way toward meeting that demand.”

Jackson added, “The revival of The Griswold project clearly shows that Detroit has turned a corner since the housing crash of 2008, and the investment by Village Green in Statler City sends a strong message to developers around the world that this is a great time to invest in Detroit.”