Prime Leases Apts with $35M MXD Project

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DETROIT-Prime Development, based in Grand Rapids, MI, has just opened leasing for Studio One Apartments here on the site of the former Vernors Bottling Plant on Woodward Avenue, between Forest Avenue and Canfield Street. The building is part of South University Village, a two-phase project that will initially cost $35 million to build, including the apartments, about 30,000 sf of retail on the bottom floor and a 950-space attached parking deck.

Prime is partnering with nearby Wayne State University on the project in the city’s Midtown area. Prime has signed a 99-year land lease for the property to build the $21 million, five-story apartment building, which will have 124 one- and two-bedroom units. Leasing started Thursday. “We’re doing very well, we’ve had four employees working at the property until after hours, and have already signed 8% of the residential units,” says Marcel Burgler, a principal at Prime. “We also have 55% of the retail space signed or with a letter of intent.”