GM, delivering on promises to make Detroit all it can be, is getting into the development game. The General has given Hines Real Estate, out of Houston, a 6-acre riverfront plot next to the Renaissance Center where Hines plans to build 600 luxury condominiums. The condos, to be built in three phases, will go for anywhere from $300K to a $1M, and GM will get a cut of the profits. Hines oversaw the RenCen makeover, and built Detroit's Comerica tower.
According to the head of GM's Economic Development and Enterprise Services, "there's still a lot of pent-up demand for people to live in the city of Detroit." This, even though Detroit's riverfront -- and perhaps the entire city itself -- has long been overdue for some grooming. Fifty thousand residents have left Detroit since 2000, yet the downtown area has seen a slight rise, and the claim for the riverfront is that "there is no better real estate in the region." Groundbreaking on the potentially decade-long project is scheduled for the spring of '08. People might be able to move in by the spring of '09.
[Source: Detroit News]