File this development away as one to look out for in a couple years. This morning, the Detroit Economic Growth Corp. approved a mixed-use project that will likely break ground in 2020.
The project was initially supposed to be the second phase of its neighbor, Orleans Landing. McCormack Baron Salazar, the Orleans Landing developer, has bailed on the addition.
Crain’s reports that the new development at Atwater, Riopelle, Franklin, and Rivard streets will bring 360 apartments, plus retail and a 120-room hotel to the East Riverfront site. Apartment rents would reportedly be $2.50 per square foot.
No designs are available yet, but Crain’s reports that the developer is working with ODA Architecture out of New York, and the highest building would be eight stories tall.
The site sits near many developments still yet to take off. It’s right across from the Stone Soap Building, which will be redeveloped by Banyan Investments. It’s also not too far from a planned mixed-use development including a Meijer that was announced last year. Additionally, a while back, Dan Gilbert had shown interest in the land just east of the Renaissance Center; this land is currently parking lots.
If and when these developments come to fruition, this area—currently with many vacant lots and empty buildings, but adjacent to a thriving riverwalk—will be completely transformed.