High-rise Plaza in midtown to undergo $22M remodel
More change is coming to midtown Detroit.
The Plaza, once known as the Professional Plaza building on Woodward could one day be your new home thanks to a $22 million redevelopment project that will turn this high-rise turning it into apartments and retail space.
"It was combination of that rising demand and more interest in living in midtown," said David DiRita of the Roxbury Group.
Financing for the project is being provided by several groups including Capital Impact Partners.
The funding helps to prevent The Plaza from becoming a thing of the past.
"It was going to be torn down to make a parking lot and without our financing, it would not have been possible," said Melinda Clemmons of the Capital Impact Partners.
Construction is now underway on what will be 1, 2, and 3 bedroom apartments and first floor retail space.
"A 700 square foot, one bedroom (unit) here may go for probably between $1,300 and $1,500 a month which is about $2 a square foot," DiRita said.
As for the retail space, developers say they are looking for businesses that bring activity to the building.
"This is an ideal food and beverage venue," DiRita said. "It's highly visible, it's across from Orchestra Hall, a block from Whole Foods and it’s on M-1 rail project."
Developers believe the streetcar will make living and working in downtown and midtown more accessible.
"With the M-1 rail this is as much a downtown property as much as a midtown property for residents who work downtown and want to live here," DiRita said. "Just like we have residents who live downtown and work in midtown."
As midtown continues to be revitalized, those who work and live in the area say they are excited about the change.
The project is scheduled to be completed by early 2017. To learn more go to centercitydetroit.com/