Development Projects Coming That Will Change Downtown Detroit
Real estate investors that are currently investing or looking to invest must know the ins and out of the location they are investing in. We usually take a micro approach to invest but taking a macro approach will show appreciation metrics, trending population growth, and future outlooks that will help in one's exit strategy. Most investors would call this speculation, but the best take everything into account. We may not be able to predict the future, but through research, we can come up with a strong hypothesis that supports the growth of a particular city. When you hear people say “Detroit is on its way back up!” You have two options. You can do like the majority and accept it as a rumor or find strong reasons to back up the media claims. Lucky for you, I will give you evidence to support the rise of Detroit as well as be boots on the ground giving you honest feedback on the strength of the city. Let’s take a look at the fun projects in the works coming to Downtown Detroit.
Here are a few projects that are in progress and in the works right now that will change the economic landscape of Detroit. The filter for the change will be Michigan’s tallest skyscraper developed by Dan Gilbert which was the former Hudson department store. “The planned 800-foot tall, 58-story tower will include 330-450 residential units and a public Skydeck with unmatched views of the city. An adjacent 12-story building will include a ground-floor market, shops, attractions, exhibitions, conference, and collaborative workspaces. The $1 billion, 1.1 million-square-foot development is estimated to be completed in 2022.” Currently in the works are new developments such as the Shinola Hotel, Little Caesars Headquarters, David Stott building, and The Book Tower. “Olympia Development is investing $200 million to create more than 400,000 square feet of office space and about 70,000 square feet of street-level retail.”
Downtown Detroit is coming and coming fast. When multi-millionaires and billionaires invest into a city, usually you see a ripple effect of other wealthy individuals looking to get in the action. This spurs activity within Detroit which brings economic gain. It is no secret that Detroit is still in the developing stages but this is when you buy while it's low. You can wait, but in 5 years real estate will be valued much higher and prices will triple. Wealthy businessmen are in buy mode and the media has depicted a better narrative for the city. It is only a matter of time before we see Detroit back as one of the premier Mid West cities.
References:
1. Runyan, R. (2018, December 20). Detroit development stories to watch in 2019. Retrieved February 19, 2019, from https://detroit.curbed.com/2018/12/20/18137583/det...
2. Runyan, R. (2019, January 03). Detroit developments expected to open in 2019. Retrieved February 19, 2019, from https://detroit.curbed.com/2019/1/3/18165368/detro...
3. Moutzalias, T., & Moutzalias, T. (2018, May 24). This is what $5.1 billion in Detroit building construction looks like. Retrieved February 19, 2019, from https://www.mlive.com/news/detroit/index.ssf/2018/...
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