Nov. 22–A parking lot at Cass and Canfield in Midtown Detroit will be turned into a nine-story mixed-use building under an agreement approved today by the Wayne State University Board of Governors.
The $60-million-plus development is expected to open in 2016.
The building will include approximately 248 market-rate apartments, 19,000 square feet of ground-floor retail space, a hotel with up to 120 rooms and a conference center with capacity for up to 300 people.
No commitments have been made yet to fill the retail slots, said Ned Staebler, WSU’s vice president for economic development. WSU is leasing the land to the developer. Staebler declined to say how much is being paid to WSU, saying the contract needs to be finalized.
Negotiations are continuing on which hotel will come in, but Staebler said it’s likely to be a mid-level national flagship.
“In addition to providing much-needed housing and hotel and conference facilities, this project will enhance the connection between our main campus and our medical campus, as well as further promote Midtown as a walkable and bike-able neighborhood,” WSU President M. Roy Wilson said in a news release. “Wayne State remains committed to being a leader and catalyst for economic growth in Detroit.”
Broder & Sachse Real Estate Services will develop the 1.5-acre site. Todd Sachse of Broder & Sachse said the growth in Midtown and downtown Detroit makes the timing for the development optimal.
“Broder & Sachse Real Estate is very excited about partnering with Wayne State University in developing a groundbreaking, state-of-the-art, hip, dynamic mixed-use development in Midtown Detroit,” he said in a news release. “We know this will be a great asset for the university and the community.”
A Zipcar car-sharing service is located near there, and it’s near a proposed M-1 rail line stop.
The project supports Wayne State’s 2020 master plan by building upon the residential and commercial development in the South University Village District, the university said in a news release. The first phase of the South University Village District — the Studio One apartments development with ground-floor retail — was completed in 2008.
