New details have been released on Founder of of Rock Ventures and Detroit superhero Dan Gilbert's upcoming mixed-use project at 28 W. Grand River Avenue in Capitol Park. Crain's Detroit Business reported that construction on the project is expected to begin in the first quarter of 2016 for 219 micro-apartments and ground-floor retail. While no floor plans or unit sizes have been released just yet, Crain's expects each unit to be just above 300-square-feet. Crain's estimates the rents to end up higher than $2 per square foot, so at least $650 per month for a 325-square-foot unit. When the Historic District Commission approved the new building, the plans were originally for the development to span 10 stories, but it will now span 13 stories. The project will be built on the former site of the Grind strip club, which was damaged in a fire in February 2014. With Detroit-based Kraemer Design Group as the project architect, the development is expected to deliver by the second quarter of 2017.
Gilbert currently owns over 12.5 million-square-feet of commercial real estate in Detroit. National Journal reported that Gilbert has invested nearly $1.5 billion into the city.
· Taller building, smaller units: Gilbert plans micro apartments in Capitol Park [Crain's Detroit Business]
· Free Press Marks Gilbert's 5th Anniversary in Downtown Detroit [Curbed Detroit]
· Is Dan Gilbert Detroit's New Superhero? [National Journal]