Home Sales and New Developments Continue to Gain Momentum in the Region
- Sep 18, 2011
By Veronica Grecu, Associate Editor
Representatives of local developer The Roxbury Group and non-profit groups Invest
Detroit and Midtown Detroit programs announced this week the start of the Auburn complex, a 56,000-square-foot residential and retail development that will be built on a vacant and blighted property located at the corner of Cass Avenue and Canfield Street. This is the largest mixed-use project planned for Midtown Detroit over the last year and it resulted from the area’s growing demand for residential and commercial space.
As reported by Detroit Free Press, the $12 million complex was designed by Detroit-based Kraemer Design Group and targets graduate students and young professionals looking for affordable and attractive housing in the district. The three-story building would comprise 54 one-bedroom units and four studio apartments at an average of 615 square feet each, with rents starting at $675 per month. The L-shaped building will also offer parking spaces for each apartment—with fees included in the monthly rent—and the remaining 39 spaces will be available for lease. The 11 commercial spaces totaling over 9,000 square feet are being supported by a loan granted by the Ford Foundation in an effort to attract local, independent retailers in the growing Midtown neighborhood.
In other residential news, a report issued this week by Realcomp II Ltd shows that Metro Detroit home sales increased for the second consecutive month, informs Crain’s Detroit Business. As compared to August 2010, homes sales in the region grew 19.4 percent thanks to very low prices and interest rates which lead to improved consumer confidence. According to Realcomp CEO Karen Kage, the sales momentum is likely to continue in September and October based on the number of pending sales that are expected to close within the next 60 days.