Just outside of downtown, and a short walk from the Detroit River, developer McCormack Baron Salazar is planning to build a new neighborhood of town houses, apartments, and retail on mostly vacant land - a $60 million bet on the city's future.
Not all the news coming out of Detroit these days is bad. "A national developer plans to build five blocks’ worth of apartments, town houses and small-scale retail on Detroit’s east riverfront, one of the biggest such projects since the recession and a bet by the company that urban living in Detroit will remain popular with some young professionals," reports JC Reindl.
The east riverfront project and the $28-million transformation of the abandoned Strathmore Hotel planned by St. Louis-based developer McCormack Baron Salazar, "underscore what appears to be a dichotomy in Detroit’s real-estate market, where a few trendy areas in and around the city’s core continue to attract young professionals and empty nesters as most other city neighborhoods cope with a decaying housing stock, abandoned structures and rock-bottom land prices."
FULL STORY: $60M east riverfront development in Detroit to bring housing, streetscape
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