Economic Awakening

Homebuilder

Detroit’s formerly underdeveloped communities wait to break ground on a historic residential development.

by Kat Zeman

Once economically depressed, five Detroit neighborhoods are experiencing a prosperous comeback. In September, the communities between the city’s midtown and downtown will kick off what is being forecasted as Detroit’s big economic revival.

The District Detroit - a network of five mixed-use neighborhoods that include residential, office, retail and green spaces - has long been working to redevelop a 50-block area surrounding the new Detroit Events Center. This fall, the district’s labor will finally bear fruit. The events center - along with a number of restaurants, shops and offices – will open its doors and kick the city’s economic slump to the curb.

In addition, District Detroit is anxiously waiting to break ground on new 686-unit residential development, the single-largest housing project for Detroit in the past 20 years. A number of those units are to be used for low-income housing.

“The fact that they are including nearly 140 units of new affordable housing across these six developments aligns perfectly with our efforts to build a city that includes everyone,” Detroit Mayor Mike Duggan stated earlier this year.

The rental housing units will span six buildings. Plans call for the construction of two new buildings and renovation of four existing buildings. The development will include a mix of urban lofts and apartments. Construction and renovations on the development are slated to begin by 2018.

Olympia Development of Michigan is spearheading the project along with American Community Developers Inc. Detroit city leaders have stated that District Detroit’s redevelopment efforts will have an economic impact of more than $2 billion on the city by the year 2020.

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