Developers pull plug on apartment, condo projects in Detroit

[intelligentBeing]

Looks like it's delayed until at least June 2021

https://detroitmi.gov/sites/detroitm...esentation.pdf

I listened in on the update meeting today. The representative from the developer said the hotel market is down but the multifamily/apt market is stable. Original plan was to build hotel piece as phase 1 then the apartment tower after. He said that in Jan 2021 they will determine for sure but they may build the apt tower first then hotel after, due to that change in market demand. Construction will not begin until June 2021, market dependent [[as all things are).

The hotel portion fronts woodward and the apt tower on John R. The concern was the flip in constructing the apt tower first would leave the woodward frontage undeveloped through phase 1 of the project, which people did not want to remain in dirt ridden construction site limbo any longer than it has to. Woodward frontage being more important visually than John R frontage.

Edit: also developer commented on financing. Those providing financing through equity remain bullish but those providing financing through debt have put a pause, makes sense. Overall the developer said they plan on continuing forward and are "not giving up on Detroit"