New Detroit Core housing keeps filling up as the demand for rentals grows

[Lowell]

An article in today's Free Press by JC Reindl provides an excellent and rosy summary of new residential rental projects in the Downtown to New Center core.

Projects continue to fill up as the doubling of mortgage interest rates has the luster of buying fading. Some snips...

So what is likely driving the demand for housing in greater downtown, according to developers, is former or would-be suburbanites opting for a more urban lifestyle.

The latest high-profile development to open is Platform's 204-unit Woodward West, 3439 Woodward Ave. in Midtown, just north of Little Caesars Arena.

“I don't know how to put in context how extraordinary that is, because I've developed in a lot of different markets, growth markets in Florida and North Carolina, and the performance of this project really outstrips them all,” Cummings [Platform developer] said.

Summary of projects. Who remembers the days when this forum would get excited if just one such of the following would happen. Now it is difficult to keep up on them all. And this list excludes the brewing former Fisher 21 and Studebaker site projects that are also mentioned in the article.

• Book Tower, 1916 Washington Blvd. in downtown, 229 apartments, could be done late this year.
• Brush Watson, 444 Watson St. in Brush Park, nearly 300 apartments when fully done, leasing to start in January.
• The Louis, located at site of demolished Joe Louis Arena, 500 apartments, construction underway could finish in spring 2024.
• Lafayette West, 1401 Rivard St., 318 condos and apartments, construction underway.
• Perennial Corktown Apartments, 1611 Michigan Ave., 188 apartments, construction could finish in late 2023.
• The Exchange, 338 Gratiot in Greektown, 165 apartments and condos, construction could finish in spring 2023.
• The Residences @ 150 Bagley, 150 Bagley St. in downtown, 148 apartments, construction underway.
• City Club Apartments Midtown, corner of Mack and Woodward, 350 apartments plus a Target store, construction could begin next year.