If you’re among the growing number of people thinking about making a move into downtown Detroit or the surrounding neighborhoods (Midtown, Corktown, New Center, etc), the whirlwind of announcements and activity over the past few years probably has your head spinning; tracking residential development in downtown Detroit is no easy task.
Currently there are more than a dozen new residential projects either underway, preparing to break ground or approved; our friends at Curbed Detroit put together this awesome post mapping everything out. And by “friends” we mean like the way Jeff met Richard Dean Anderson for 30 seconds one time and now tells people he’s “friends” with MacGyver.
However, there is a common theme with many of these new developments that not many people are aware of – check out the list below and see if you can catch what it is:
- Palmer Townhomes: 56 for purchase townhomes; nearing completion – only 2 units left.
- The Griswold: 80 rental units; construction underway; completion TBD.
- Orleans Landing: 278 rental units; construction underway; completion TBD.
- The Strathmore: 129 rental units; nearing completion estimate of May 2016.
- The Scott at Brush Park: 199 rental units; construction underway; completion late 2016.
- The Plaza: 72 rental units; renovation underway; completion early 2017.
- Micro Apartments: 218 rental units; construction underway; completion mid-2017.
- Ducharme Place: 185 rental units; construction underway; completion sometime in 2017.
- James Scott Mansion: 27 rental units; renovation underway; completion late 2017.
- 3rd & Grand: 231 rental units; will break ground later this year; completion slated for 2018.
- Brush Park Detroit: 300 rental units, 100 for purchase units; start & completion dates TBD.
- The Selden: 12 for purchase units; completion TBD (but contractually must be complete within 2 years).
Overwhelmingly, the majority of new developments in Detroit are for rent; if you want to buy something, your options are limited: Palmer Townhomes now, or Brush Park Detroit and The Selden at some point in the near future.
At the moment, developers seem to believe renters are where it’s at, but the interest we’re seeing from clients looking to own something downtown is significant. If we had to guess, parts of the new Arena District and the new high-rise slated for the old Hudsons site will likely have sections available for purchase.
Sign up for our newsletter if you’re interested in downtown development and stay in touch so you can be the first to know when details about new projects are announced.
Owners Lou Bitove & Jeff Bortnick have more than 25 years combined experience in real estate, much of that with builders like Pulte, Toll Brothers & Centex. They also provide market research for area builders, developers and national firms such as Meyer Research. These guys know the metro Detroit market. Check them out at www.thenewhomeexperts.com/detroit to find out how they can help you find your new home – and keep more money in your pocket from the sale of your current home!