On the edge of Greektown, activity has started at the first new construction multi-family high rise to be completed in Detroit in decades. Exchange, which will bring 153 apartments, 12 condos, and ground-level retail and office space, will have an official groundbreaking in April.
The 16-story, 166,742-square-foot building is expected to be completed in July 2022.
Financing activity is complete for the project, with a $64 million capital investment and $45 million in construction costs. A PACE loan with Greenworks was used for energy efficiency on the project. The design team for the unique structure includes Ghafari, Parini Design, and Thornton Tomasetti.
The construction will be faster than most, 30 percent to be exact, using LIFTbuild technology. Exchange Detroit will be the first North American property to use the LIFTbuild system; we'll see it in action in a top-down build, meaning higher stories will go up first. Each floor is built on the ground, and lifted up to its level.
Condos will be located on the 15th and 16th floor, with floor plans ranging from 830 to 1,865 square feet. @properties, formerly Alexander Real Estate, is leading the sale of the condos. Apartments include studios, one- and two-bedroom; 20 percent are set aside for residents making the Area Median Income. Sales and reservations for the apartments will start in the next few weeks.
The site at Gratiot, Brush, and Macomb is in an area that's seen a lot of talk but not a lot of action in recent years. It sits at the edge of Greektown - close to Ford Field - and near the upcoming University of Michigan Innovation Center. Greektown’s Randolph Plaza redevelopment. and near Bedrock's redevelopment of 1300 Beaubien.
New construction has been difficult to get 'off the ground' in Detroit. Many old buildings have been rehabbed in the past ten years. We've seen new construction around the city - including City Modern in Brush Park, the Corner in Corktown, and City Club Apartments at the old Statler Hotel site. But none have the prominence in the skyline like this will. The Hudson's site, which will be one of the tallest towers in town, is in progress, with the block portion slated to be completed by the end of 2023.