The housing demand in the downtown and Midtown areas of Detroit shows no signs of dipping downward.
So, it only makes sense to produce more rental units, or so developers think.
RC Reindl of the Detroit Free Press reports that construction moved a step closer for nearly 500 new market-rate apartments on Tuesday.
The Freep writes:
State development officials approved $12 million in Brownfield redevelopment financing today for three projects: the 290-unit Orleans Landing on the near-east riverfront; the 185-unit DuCharme Place in Lafayette Park (pictured above) and the 23-unit El Moore redevelopment in Midtown.
Two of the projects are scheduled to break ground later this year. All three could be ready for their first tenants by late next year or early 2016.
But some developers predict that this coming wave of apartments won’t satisfy the demand for downtown residential rental space.