Rents in downtown Detroit, Midtown and Corktown already rival Chicago's nicer neighborhoods in many instances. And the cost of some two-bedroom condos is creeping up.
Now developers plan to break ground this fall on the first phase of The Mid, a two-tower project in Midtown.
The first phase will include a 25-story high-rise hotel and condominium building on vacant land at 3750 Woodward Ave. across from the Max Fisher Music Center. The building will include 51 for-sale condos.
The master developer tells Crain's Detroit Business that new condos could reach $1 million when the first phase is finished in 2021, reports Chad Livengood of Crain's.
The condos "will probably be on the higher end in this market, more akin to what you might find in Birmingham," said the master developer, Emery Matthews, founder and co-owner of Detroit-based Real Estate Interests LLC.
The rising prices are forcing people who want to live in the city to look for housing beyond the downtown-Midtown area. And some wonder what the saturation point is in Detroit for pricey condos.