With East Riverfront Redevelopment, Builder Bets on Detroit's Future

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.
July 24, 2013, 11am PDT | Jonathan Nettler | @nettsj
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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."

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Published on Tuesday, July 23, 2013 in Detroit Free Press
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