(Read more on the multifamily market.)

DETROIT-Today marks the grand opening of much of the new DetroitRiverWalk, sponsored by the Detroit Riverfront Conservancy, withmore than 75% of the east section of the Detroit River now walkableDowntown. Development projects are also springing up along the newarea, including the recent announcement by a joint venture of Hinesand General Motors Corp. to develop multifamily buildings on sixacres next to the automaker's world headquarters at the RenaissanceCenter. The venture initially plans to build an 80-unit condominiumbuilding on the site.

The conservancy is working to get the Walk complete on both eastand west sides of the Renaissance Center, contributing $140 millionin donations to the $300-million project. The Walk is a five-milelineal park along the river which will ultimately span from theAmbassador Bridge to beyond the MacArthur Bridge at Belle Isle intoGabriel Richard Park. New portions opened include Rivard Plaza,Gabriel Richard Park, a mile from east of Stroh's River Place toMt. Elliott Park, the Civic Center Promenade, GM Plaza andPromenade and the Tri-Centennial State Park Harbor.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.