Detroit is building a $1 billion ‘city within a city’ on the site of a dead department store.
Detroit is in the midst of several redevelopment projects that are quickly transforming its streets. Developers have now begun building an 800-foot-tall tower with 1 million square feet of retail, office, residential, and public space on the site of the former department store. It will be the tallest tower in the city. The development will feature 425,000 square feet of residential space, 240,000 square feet of office space, 120,000 square feet of event space, and 100,000 square feet of retail space. The new tower will sit at the site of the iconic Hudson’s department store, an eight-story building completed in 1891. Since the new tower will feature plenty of places to eat, shop, work, and live, its architects are calling it a “city within a city.”
Detroit Real Estate Investment
Detroit has now become one of the most investment attractive city in the US, particularly when it comes to real estate investing. As more investors are coming in, more jobs are created, and definitely more homes are needed. These developments made most real estate investors confident of what’s gonna happen to Detroit’s real estate market. This may sound a cliche but developments and jobs are the 2 best indicators for any real estate investors when investing in a specific market. It is up to the investors how they will interpret these indicators, though.
On the other hand, some might still be very cautious in getting into Detroit. This is understandable. No one wants to lose his/her own hard earned money, just because of misinformation or lack of due diligence. Everyone who are interested into investing must do their own research. Some are joining real estate investing communities, seminars, forums, events, etc. Others are getting memberships from big real estate networks that will help them better decide on their investments.
Above all, we at Strategy Properties, are always here to help. We are based in Livonia. We have been providing real estate investment services in Detroit for several years now and we are proud to say that our team is getting bigger and better. Our properties are all over Detroit and its surrounding cities. You can check them all out here: https://strategyproperties.com/properties-list/.
Reference:
Business Insider. (2018). Detroit is building a $1 billion ‘city within a city’ on the site of a dead department store. [online] Available at: https://www.businessinsider.com/detroit-city-within-a-city-jl-hudson-redevelopment-2018-8 [Accessed 27 Aug. 2018].
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