DETROIT (FOX 2) - The city of Detroit is planning a massive 16-floor high-rise tower for apartments, condos, and fitness center and cafe with a price tag of $64 million.
The city announced it was approving the massive project called 'The Exchange' and it will be on Brush Street between Macomb and Gratiot.
The 16-floor highrise will be reflective of Downtown Detroit's culture.
"Playing off (the) heritage of what Greektown represents," said LIFTbuild Senior Director Marisa Varga. "Very much a mercantile exchange people came here from all parts of the world."
This project will also offer office space that initially was slated as retail but after analyzing COVID-19's impact on the market, private for-lease offices are being offered instead
Project developers are expected to break ground by the end of the year and it's expected to be done by 2022.
Developers are still working to determine pricing, but said apartments and condos are going to be affordable to everyone.
Artist rendition of how "The Exchange" will appear on the city skyline.
"With our market studies before and even during the pandemic, we are committed to bringing residential opportunities to city of Detroit," Varga said. "Twenty percent of our units will be offered for qualified affordable families, so they can look to rent here as well."
There will not be an official parking lot for the building.
"We are going to offer 24/7 valet services," Vargas said. "The one thing about Greektown is, it has the most surface parking lots than any other location in the city, so we want to take advantage of those parking lots."