24 Mar Detroit Rising
In recent years, Detroit has undergone a significant transformation due to a surge in construction projects in the downtown area. In this week’s newsletter, WXYZ reports that the city center is poised to have a bustling year, generating more jobs and recreational options. The developments offer residents and visitors alike new recreational opportunities and job prospects, creating numerous opportunities for the locals.
The city’s Riverfront is slated to become one of the country’s best with the construction of the 22-acre Ralph C. Wilson, Jr. Centennial Park, expected to open next year. The Detroit Riverfront Conservancy has been leading the waterfront’s transformation for two decades, and this development is a significant accomplishment for them. The organization’s CEO, Marc Wallace, has described this as their busiest year for construction.
On the Riverfront’s east side, the Uniroyal Promenade is set to open in the fall, linking Gabriel Richard Park to Mt. Elliott Park. Meanwhile, the Southwest Greenway on the west side of the Michigan Central Depot will join the Riverwalk, expanding it by 5.5 miles, and is expected to be completed in May.
The increased foot traffic from the new developments will enable buildings to be converted into new residential units, with new restaurants and businesses attracted to these amenities. For example, Downtown Detroit’s Book Tower underwent a $300 million renovation and will soon open its doors after seven years of reconstruction.
All of these developments bode well for commercial real estate in Detroit’s future. The rise in construction projects, the creation of new recreational opportunities, and the surge in foot traffic will undoubtedly have a positive impact on the local economy. Moreover, these developments will encourage further investment in the region, and it is probable that we will see continued growth in Detroit’s commercial real estate in the years to come.
Thank you for reading.
Kees Janeway – Managing Partner, ICONIC Real Estate