Multifamily Developers Changing the Face of Detroit

The Albert at Capitol Park is one of many historic renovations that has brought residential living to downtown Detroit.

DETROIT—The great migration of residents into US downtowns is a phenomenon seen not just in top core cities such as New York, San Francisco and Chicago, but also in cities that some people might find surprising. Detroit is one such city, and even though it has made national headlines for its municipal bankruptcy and general decline, its CBD at the same time saw a remarkable influx of companies, and multifamily developers have followed in their wake.

Thousands of units have been developed in just the past few years, many in old warehouse-type structures adjacent to the downtown that were vacant or underutilized. And eager tenants have flooded the area. About 98% of downtown units are occupied, and builders have started breaking ground on new buildings to satisfy the robust demand.