Thousands of New Residents Coming to Greater Downtown
High demand for housing in the greater Detroit downtown area is driving more construction projects. Several projects are now underway that will add more the 1000 new apartments this year. This is great news for Detroit, as the city has been on a fast path of recovery for the past few years.
More housing demands also means that more tenants will be moving in, which in turn spurs economic growth and expansions of restaurants, clubs, and other entertainment venues.
“Thousands of new residents in greater downtown will help assure success for new businesses there and mean expanded activities in the area that will create an even more vibrant and appealing community attracting others,” said John Mogk, a Wayne State University law professor who specializes in development issues. “Growth in population and prosperity in the greater downtown over the next decade is inevitable.”
Greater downtown Detroit, running out of housing units to meet growing demand, is at the precipice of major change as a dozen or more construction projects now under way will add more than 1,000 new apartments this year, bringing more money, customers and growth.
The new construction represents the latest wave in what promises to be a flood of new residential projects to downtown, Midtown, Corktown and other nearby areas. Multiple other projects are in various stages of planning for the next two to three years.
“Beyond projects already under construction, there are many others close to breaking ground. And the list could grow as the M-1 Rail line nears completion in about a year and the Ilitch family’s hockey arena and entertainment district continues to take shape in northern downtown,” reports the Detroit Free Press.