Largest new building in Greektown since casino hotel in 2009
A planned mixed-use residential development in Greektown continued moving forward Tuesday with approval from the Michigan Strategic Fund for a Brownfield redevelopment incentive. The project, dubbed Exchange, also received Detroit City Council approval for a Neighborhood Enterprise Zone tax abatement.
Exchange is a 16-story high-rise and includes 153 residential apartments and 12 for-sale condominiums exclusively on the top two levels of the building. The development features ground-floor private office space, as well as tenant amenities including a fitness room, clubroom and outdoor deck area. While rent and pricing for the apartments and condos is still to be determined, 20 % of the apartments will be maintained at below-market rents for those with incomes under the median income for the area. In all, eXchange is being promoted as a high-end residential development.
Along with being a member of the development team, LIFTbuild is serving as general contractor for Exchange. Breaking ground in fall 2020, Exchange is the first North American project to utilize the LIFTbuild assembly system. The technology allows for a column-free environment and open, clear-span views from each residential unit. Efficiencies inherently built into the assembly process will allow the project to be completed 30% faster than traditional construction.
Check out the Detroit Free Press story here.