Crain’s Detroit is reporting that a new 20-floor residential building will be built overlooking Comerica Park, according to four anonymous sources. Olympia Development and Cordish Companies from Baltimore will be working together on the planning process, although Olympia said in an email it’s policy “not to comment on rumors or speculation.” This will be part of the larger District Detroit construction surrounding the new Little Caesars Arena including the redevelopment of four historic buildings, the construction of two new buildings, and a total of 686 residential units in phase one of planning.
The new building east of Woodward is said to be designed similarly to Cordish’s Two Light Tower project in Kansas City, Missouri (rendering shown below). The $120-million, 24 story building is currently under construction adjacent to the Sprint Center arena. According to the sources close to the Detroit project, plans have been in the works since last year but we’ll have to wait for an official announcement from Olympia Development.
Along with Dan Gilbert’s Bedrock LLC’s Monroe Block and Hudson’s Site skyscraper, the City Club Apartments at Grand Circus Park, and possibly a 35-story skyscraper in New Center to name just a few projects, Greater Downtown Detroit is experiencing a much-needed residential and office tower boom that will redefine the city’s skyline in the next five years and beyond. There’s no word yet on how many residential units will be available in this Olympia-Cordish project or where the exact location will be, but views of Detroit Tigers games will certainly be an alluring prospect for home-hunters.
By Jared Hoffman
Research Associate, JMJ Phillip Group