Resident Development Spikes In Downtown Detroit
In 2017, 460 new residential units came online in Downtown Detroit, according to the Downtown Detroit Partnership. That is a 14.7% increase in the number of units in the area compared with the year before.
"I've been practicing commercial real estate in the Detroit area for 36 years," Marcus & Millichap Senior Vice President Steve Chaben said. "During that span there have been several so-called renaissances, none of which ultimately amounted to much as our urban core declined year in and year out."
This time is different, Chaben said.
"The renaissance we are currently experiencing has gained a momentum and energy which far exceeds previous periods.
"Many things are contributing to this euphoric period, but perhaps the most unique and significant difference of this renaissance is the undeniable trend of people moving and living Downtown. If this demand for urban living continues, the renaissance of the Detroit urban core will continue."
About 960 units are under construction Downtown, more than a third of which are at Hudson's Site and more in Book Tower, Lawyers Building Apartments, Farwell Building and others.
Moreover, the growth is not restricted to the strictest definitions of Downtown.
“The Detroit market is definitely growing, especially in the greater Downtown districts," Midtown Detroit President Sue Mosey said. "We're now seeing stabilization in a number of neighborhoods within the city, which are beginning to build job pathways for residents and a growing base of local entrepreneurs.”
Chaban and Mosey will both be speakers at Bisnow's Adaptive Reuse & Placemaking event Feb. 20 at the GM Renaissance Center in Detroit.