$55 Million Residential Project on the East Riverfront Wins Preliminary Approval

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Courtesy Urban Design Associates

The Economic Development Corporation (EDC) of the City of Detroit has approved the preliminary terms of a deal with McCormack Baron Salazar (MBS) to build a 300-unit residential and retail development along Atwater St. at the Dequindre Trail.

MBS plans to spend $55 million building Rivertown, Phase One as a series of low-rise apartment structures along both Atwater and Franklin Sts. between the Dequindre Trail Greenway and Riopelle St. The site is adjacent to the State of Michigan’s Outdoor Adventure and Discovery Center, currently under construction at Atwater St. and the Dequindre Trail.

Phase Two of the plan would build an additional 200 housing units on the vacant property extending along Atwater St. west of Riopelle St. The EDC owns most of the property involved and would transfer it to the developer if it can meet the other terms of the agreement. It is also offering a loan to help the developer with implementation costs.

 

Read more http://www.michronicleonline.com/index.php/business-original/13562-55-million-residential-project-on-the-east-riverfront-wins-preliminary-approval

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