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New $60M Neighborhood Planned For Five Riverfront Blocks

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Behold! Yet another gap in Detroit's patchy urban landscape is headed for redevelopment. According to the Freep, big-time developer McCormack Baron Salazar has designed a $60M residential development near the riverfront, an ambitious plan to build up five empty blocks sandwiched between Riopelle and the Dequindre Cut. Though these blocks are empty, they've got the soon-to-be renovated Globe Building, the soon-to-be expanded RiverWalk, and easy access to downtown Detroit.

The idea involves 3-4 story town homes with some "small-scale retail" mixed in, which we assume could mean anything from a hot dog stand to an Apple Store. The final tally would be something like 294 units complete by 2016, all in the $800-$1,700 rental range. And this is just Phase 1. The second phase, which might happen in the distant future, involves 200 more units and even more retail.

It probably isn't yet time to pop the champagne or give Kevyn Orr a Gatorade shower. Financing-wise, developers still have a ways to go, and there really aren't a lot of specifics as to the development's design. It could very well be awful. At the same time, the project is backed by the DEGC, and, unlike some developers, McCormack Baron Salazar is a serious player. Let's just hope they come up with a neighborhood name that's less evil-sounding than their own.
· $60M east riverfront development in Detroit to bring housing, streetscape [Freep]