Discuss Detroit Archives - Beginning January 2007 New Mid-Height Condo or Apartment complex?? Previous Next
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Jdkeepsmiling
Member
Username: Jdkeepsmiling

Post Number: 247
Registered: 01-2006
Posted on Friday, April 06, 2007 - 4:32 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

It seems to me, and I know that I am no expert, that the time is right for a decent sized luxury apartment complex downtown. I remember reading somewhere on this forum that the market for apartments in Downtown is very good with rising rents and a very good occupancy rate. Given the recent success of the BC and Griswold, are we ripe for a nice 10-20 story luxury apartment or condo building? I know that the Riverfront Apartments fill that need, but what about something more integrated into downtown. Anyone have any idea for sites? I know that if the Hudson's block is ever developed it will probably include what I am talking about. Does anyone here agree with me or disagree? Anyone with info on apartment occupancy rates?

Thanks,

JD

(Message edited by jdkeepsmiling on April 06, 2007)
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Milwaukee
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Username: Milwaukee

Post Number: 1174
Registered: 08-2006
Posted on Friday, April 06, 2007 - 5:03 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

It's a nice thought, you just have to wait for demand to grow. As demand grows, you'll see some bigger projects proposed.

I feel it is better to fill in a couple vacant lots or renovate a couple old buildings rather than filling in one little space with a high rise.

When the market demands a high rise, there will be a company there ready to build it.
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Mackinaw
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Username: Mackinaw

Post Number: 2651
Registered: 02-2005
Posted on Friday, April 06, 2007 - 5:04 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

I agree. I say wait 5-10 years, and then build something substantial (I mean 20+ stories at least) on the Monroe Block.

The East Riverfront developments which are about to take off will provide the market with plenty of supply of upscale apartments, though.
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Eric
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Username: Eric

Post Number: 766
Registered: 11-2004
Posted on Friday, April 06, 2007 - 5:54 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

If the economy were better then yes. Even with Detroit being the strongest housing market in the region it's weak compared to other major cities.
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Southen
Member
Username: Southen

Post Number: 124
Registered: 08-2006
Posted on Friday, April 06, 2007 - 9:52 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Id rather see places like the Broderick, David Whitney, and Book Tower get filled with residents before anything new. With that said a very tall building on Monroe block would be awesome somewhere down the line.

For now im satisfied with rehabs and focusing on the river.

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