Olympia Development of Michigan (ODM), has selected 475 Peterboro St. as the first of the three projects to be offered to Detroit-based developers in The District Detroit’s recently announced Co-Development Program.
Opened in 1914 as The Woodstock Apartments, 475 Peterboro St. was designed in the Beaux-Arts style by the architectural firm Pollmar & Ropes. The building is 47,500 square feet and originally had 71 apartments. The property is located between Cass Avenue and Second Avenue across from Detroit Shipping Co.
The Co-Developer Program is designed to create opportunities for Detroit-based, Detroit-headquartered, or Detroit resident-owned development companies. Qualified companies will have the opportunity to pursue the development of up to three properties. ODM received interest from more than 35 developers in 475 Peterboro and invitations have been extended to 10 of those developers to participate in the next phase of the Request for Proposal (RFP) process.
“The Co-Developer partnership is the highest and best reflection of who we want to be as Detroit-based developers,” said Keith Bradford, president of Olympia Development of Michigan and The District Detroit. “To work with local developers and trades to restore historic buildings into new housing in the city truly defines our purpose and reminds us of what we can do together.
“Detroit is full of opportunities, and we are proud to be a part of this city’s bright future.”
As part of The District Detroit Community Benefits Agreement (CBA), ODM agreed to lead an additional Co-Development Program. ODM has other Co-Developer partnerships underway at The Residences @ 150 Bagley (formally known as The United Artist Building), 64 Edmund Place, and Henry Street Apartments.
“We are proud of The District Detroit’s Co-Development Program and the opportunity to work with more Detroit based developers,” says Rian English Barnhill, vice president of government and community affairs at Olympia Development of Michigan. “It is important to us that we work with community-minded partners who are committed to Detroit. This will benefit the community and further advance our city.”
The 10 invited bidders for 475 Peterboro St. have a deadline of Sept. 30 to respond to the RFP.
The District Detroit’s CBA Co-Development Program consists of two other properties: 81 W. Columbia St. and 44 and 48 W. Adams. Invitations will be extended to developers interested in the next selected site by Oct. 31. More information on the Co-Development Program can be found here.
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