New residential and retail development planned for riverfront
Detroit’s Economic Development Corporation has announced plans to redevelop an area of the Detroit Riverfront.
MBS plans to spend $55 million building Rivertown, Phase One as a series of low-rise apartment structures along both Atwater and Franklin Sts. between the Dequindre Trail Greenway and Riopelle St. The site is adjacent to the State of Michigan’s Outdoor Adventure and Discovery Center, currently under construction at Atwater St. and the Dequindre Trail.
Phase Two of the plan would build an additional 200 housing units on the vacant property extending along Atwater St. west of Riopelle St. The EDC owns most of the property involved and would transfer it to the developer if it can meet the other terms of the agreement. It is also offering a loan to help the developer with implementation costs.
The EDC owns a number of prime redevelopment properties in the East Riverfront District, and it manages the master plan for the district, which guides the redevelopment and acquisition of property for residential, commercial, and related uses, plus park, and recreational opportunities.
There are no comments on this entry.