Downtown Detroit Continues to Thrive
For the past few years, the Downtown and Midtown districts of Detroit have seen unprecedented growth. Increased population density, increased openings of small business, and an exponential growth in the average cost of rent in the city. Bedrock Real Estate services has been a major driving factor in the growth of Downtown Detroit, where the company has invested over 2.2 Billion US Dollars in the purchase and rehabilitation of over eighty properties downtown. According to the following report by The Detroit News, an estimated 1200-1400 new apartments will be opening up in the city in 2016, with rents reaching as high as $1,500–just for a one bedroom dwelling!
Superbowl XL, which was hosted in Detroit has been looked at as one of the major catalysts in the drastic improvements that the city has experienced. The success of Superbowl XL, and the most recent advancements in the business districts of Detroit have given life to the hope and promise that the people of Detroit need to be back on the map. According to Eric Larson, who is the CEO of the Downtown Development Authority, there has been an immense amount of activity growing each year for the past five years, with each year doubling the previous year’s numbers.
Great plans are in store for the future of Detroit, and only time will tell how much further this growth can go. Sky’s the limit!