X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DETROIT-The Midtown area, known as the city’s cultural center near Wayne State University in an area north of the Downtown, is moving into a rebirth, says one local developer. Millions of dollars being spent in the development of multifamily housing, including upscale condominiums and loft apartments, have begun to make the area livable again, says Bob Slattery of Midtown Development Group of Detroit.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.