By Mike Fossano
Back in January, we noted that new blood was being pumped through downtown Detroit. Over six months later, and a tangible change is beginning to take place throughout the city and real estate developers are pining to a chance to leave their mark on an area that is ripe with iconic buildings at relatively cheap prices. Both Midtown and downtown residential properties are enjoying a jolt of fresh demand, more companies are opting to relocate to the city center, and for the first time in many years investors are doubling-down on the city’s progress.
WDIV recently reported that the glitzy W Hotel is eying the David Whitney Building in Grand Circus Park as its’ potential gateway into the Detroit market. An official from The Roxbury Group confirmed to the Woodward Spine that there has been interest from several parties, but declined to give names at this time. This, along with the ongoing renovations within the neighboring Broderick Tower offers a potentially bright future for an area that already counts Comerica Park, Ford Field, the Fox Theatre and Music Hall among nearby landmarks.
In the same WDIV report, it is also mentioned that retailing mammoth Target Corporation is also looking into bringing their talents to downtown. If it comes to fruition, the shopping landscape in Detroit could be dramatically altered if Meijer, Inc. also follows through with its’ plans to build megastores at Gateway Park and on the State Fairgrounds and at Grand River and McNichols.
Crain’s Detroit Business just published a list of 32(!) developments that are currently on the table for Detroit. This expansive list covers the gamut from building redevelopment projects to the wave of corporate interest in the city and sheds light on the notion of progression in Detroit moving from the standard myth stages to a reality.