DETROIT—People who associate Detroit with bankruptcy and abandonment would be surprised to walk the streets of its CBD. Once abandoned or under-utilized office towers have been reopened or revived in the last five years and now throb with activity throughout the workday. And the thousands of employees who hustle along these streets have increasingly chosen to also live downtown, filling up existing structures and setting the stage for new multifamily construction.
According to a recent Detroit market study published by Broder & Sachse Real Estate Services, downtown Detroit is at a 98% occupancy for rentable housing, with neighborhoods such as Grand Circus Park and the CBD at 99%.
“Recently we have been seeing a lot of rehab/renovation projects throughout the CBD,” Steve Berlage, president and chief operating officer of Sachse Construction, tells GlobeSt.com. “The Albert is one of the more recently completed projects, but there are several other projects such as the Lofts of Merchants Row, the David Whitney, and Broderick Tower which were renovations to existing buildings.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
