Construction on a new $50 million apartment building that will be located west of the Fisher Building in Detroit’s New Center neighborhood — called Third and Grand — will break ground in the fourth quarter of this year, with leasing expected to begin in mid 2018.
“I think with the arrival of the M-1 Rail (set to open in early 2017) and with the expansion of Midtown Detroit Inc. in terms of its geography, what you’ve got now are two things that are very significant,” says Peter Cummings, developer of the project and senior principal of the new Detroit-focused development company called The Platform. Cummings is also the founder of Florida-based Ram Realty Services. “I think those two factors alone create interest for me in TechTown, New Center, and Midtown. I see them gradually over the next several years merging into one larger neighborhood.”
Cummings was also involved with the development of the Whole Foods grocery store in Detroit’s Midtown neighborhood. He says the 231-unit apartment building in New Center will be located at the northwest corner of West Grand Boulevard and Third Avenue, a property he purchased from the Henry Ford Health System in 2015. He says the development will also offer 20,000 square feet of commercial space and a parking structure with about 350 spaces.
He says 73 percent of the units will be either studios or one-bedroom apartments, 22 percent of the units will be two-bedroom apartments, and about 5 percent of the units will be two-bedroom units with a den. The studio units are about 500 square feet, the one-bedroom units range from 625 to 925 square feet, and the two-bedroom two-bath units are about 1,100 square feet.
Cummings says the apartments will have stainless steel appliances, floors with wood planking, and granite countertops. He says he’s still in the process of determining the amenities, but they are likely to include terraces, courtyards, fitness rooms, and business facilities.
“We haven’t set the rents yet but we think they’ll probably be pegged at somewhat less than the rents in Midtown,” he says.
Cummings adds that he has four to five more deals in the pipeline in Detroit.
“Our company is really dedicated to creating a series of residential and retail opportunities along the Woodward corridor,” he says. “All of the locations we’re looking at and have either under agreement or under contract are within the two to three block walk of a light rail station.”
Other new projects in Detroit’s Midtown and New Center neighborhoods include:
- The Strathmore Apartments, located at 70 West Alexandrine in Detroit’s Midtown neighborhood. Leasing is now open.
- Atomic Chicken, a fast-casual soul-food restaurant offering meals like chicken and waffles, and chicken and biscuits. The restaurant, expected to open in the spring, will be located at 6500 Woodward Ave. in Detroit’s New Center neighborhood.
- Detroit Clothing Circle, a clothing store offering vintage clothing from high-end designers. The store is located inside a renovated Victorian home at 3980 Second Ave.
- Downtown Detroit Bike Shop, which sells Fixed Gear Freestyle, Commuter, and Bike Polo cycles and accessories. The shop, located at 3041 Cass Ave. around the corner from Iconic Tattoo and 8° Plato Beer Company, also sells and services high-end mountain, road, and track bikes.