Discover the journey of Dan Gilbert, founder of Quicken Loans, and his transformative efforts in revitalizing Detroit through significant investments, development projects, and community initiatives.
For Detroit development, 2024 was a busy year of ribbon cuttings, building dedications and ground breakings, and for one very high-profile project, a massive community party.
The year began in upscale style with the January grand opening of Perennial Corktown, a new seven-story, 188-unit apartment building at 1611 Michigan Ave., across from the former site of Tigers Stadium.
It is one of the most amenity-filled new apartment developments in the city, with an outdoor pool and large deck, an expansive fitness center, coworking spaces for residents, and a lounge area like that typically found in boutique hotels.
Although its rent prices were on the higher end for Detroit, the developers set aside 10% of the units as affordable at significantly below-market rates. The development team was composed of Farmington Hills-based Hunter Pasteur Homes, Chicago-based Oxford Capital Group, and Southfield-based The Forbes Co.
Residences at Water Square
In February, a new 25-story glass high-rise opened on the downtown riverfront, on the site of what was once Joe Louis Arena.
The Residences at Water Square is a 496-unit luxury apartment building with floor-to-ceiling windows and striking views of the Detroit River and city skyline. It was developed by Detroit-based Sterling Group using union labor and without any tax breaks or similar incentives, which these days is unusual.
The building also features some of the highest asking rents in Detroit, such as $4,000-plus per month for some one-bedroom apartments on the building's upper floors.
Joe Louis Arena closed in 2017 and was fully demolished in 2020.
Detroit People's Food Co-Op
A unique community-owned supermarket -- the Detroit People's Food Co-Op -- opened this spring at 8324 Woodard, in the city's North End neighborhood.
The supermarket is a Black-led development project, although collectively owned by anyone in Michigan who is over age 21 and interested in buying an equity share for $200. Much of the produce is sourced from local farms and other products, such as coffee, are often sourced from local businesses.
Michigan Central Station reopens
The biggest grand opening of the year for Detroit -- perhaps even of the century so far -- was that of Michigan Central Station, situated off Michigan Avenue in Corktown.
The old train depot dates to 1913 and has been closed since 1988. As the building deteriorated, it became a symbol for Detroit's declining fortunes. Then Ford Motor Co. in 2018 bought the abandoned station and undertook what was likely the most challenging and dramatic building restoration project in city history.
Michigan Central officially reopened in June with a flurry of publicity, tours for the public, and a big community party and concert featuring Diana Ross, Eminem, Big Sean, and Jack White.
The reopened building contains office space for Ford's electric vehicle and Integrated Services teams, several outside organizations, and future space in its tower for a hotel.
New apartments near train station
Located just behind Michigan Central, a new 78-unit apartment building also had its grand opening in June. The Brooke on Bagley, at 2420 Bagley St., near the intersection of the Corktown and Mexicantown neighborhoods, was built on a formerly vacant lot by Detroit-based Woodborn Partners.
The four-story dark brick building features mostly market-rate apartments, with 20% set aside as affordable.
Single-family homes sprout again
This spring saw the opening of a type of development that's easy to find in the suburbs, but relatively rare in Detroit: newly built detached single-family houses.
Greatwater Homes, an affiliate of Detroit-based Greatwater Opportunity Capital, unveiled its first batch of new houses in the East Village neighborhood, one block over from Indian Village. The asking prices ranged from $339,000 for a two-bedroom ranch with a finished basement to $459,000 for a two-story, three-bedroom house.
"The goal is to see if the market is there for it," Matt Temkin, co-founder and partner of Greatwater, said at the ribbon-cutting event. "There are a couple hundred lots out here and the grand potential is to connect it all -- fill it all in."
More apartments on old Tiger Stadium
A new 60-unit apartment building opened this fall on what was once the left field of Tiger Stadium. The mixed-income building was developed by American Community Developers.
It joins a host of other developments on the former stadium site, including an 111-unit residential building and several dozen townhouse-style condos. The centerpiece is The Corner Ballpark, a youth baseball facility that is also home to the Detroit Police Athletic League.
Future of Health projects break ground
Detroit City Council gave approvals early in the year to a $3 billion hospital, housing, and research development in the New Center area -- the Future of Health -- that is a collaboration among Henry Ford Health, the Detroit Pistons,set and Michigan State University.
Since then, construction has begun on two of the projects: a $2.2 billion expansion to Henry Ford Hospital and a new $335 million Henry Ford Health + Michigan State University Health Sciences Research Center.
The research center is set to open in 2027 and the new hospital in 2029.