Slattery says he's developed a slew of renovated historic buildings in the Midtown area into condominiums, converted old warehouses and turned apartments into posh lofts.

Other developers, including local real estate magnate Peter Cummings of Peter Cummings and Associates, have also pumped money into the Midtown renaissance, Slattery adds.

"Each and ever product that comes in advances the area more," Slattery says. "As in Chicago, Baltimore and other major cities, you reach a center point where the development just catapults."

He believes the Midtown area just needs another 300 to 400 more multifamily units, in addition to the up to 2,000 new units already on drawing boards.

"After that, the area will start cooking," Slattery tells GlobeSt.com. "There's safety in quantity. I get six-seven calls a day, but my buildings are full."

He says refurbished condominiums are commanding suburb-level prices of $140 per sf to $180 per sf.

"Of course, paying $180,000 for a loft Downtown isn't for everybody," Slattery says. "But developers don't realize how much traffic there is in the Midtown area, or in Detroit. You have people moving here to work at General Motors Corp. or Ford Motor Co., they don't care about having to live in an urban area."

He says one important lesson, however, is that those developing the residential areas in Detroit, a needed component for a revitalized Downtown, is that it has be quality construction.

"Look at those products by Cummings at Woodward and Mack, the Woodward Millennium site, that's a quality product," Slattery says.

Cummings has proposed a $37-million commercial and residential development at the Midtown site.

After working for 20 years in the Midtown area, Slattery says it's sure to rebound soon.

"Just look around, there's 70,000 employees working in the area, plus there's just incredibly convenient access to the freeway system," Slattery says.

He declined to comment on current projects. His company is collecting properties for future development, he adds.