Exchange is ready to initiate construction on the first multifamily high-rise within the City of Detroit in nearly 30 years. Multiple events and announcements are planned leading up to the Exchange’s opening, slated for July 2022, and we are excited to share a few updates.
Our sales and brokerage teams will be ramping up activity in the next few weeks, beginning their sales process. Exchange has engaged @properties (formerly Alexander Real Estate Detroit) for condominium sales. They’ll be hosting a preview event on Wednesday, March 24th from 4-7pm. Exchange features 12 condominiums ranging from 830 to 1,865 square feet for sale on the 15th and 16th floors.
The AERES Team with Signature Associates is pursuing an exciting lineup of retail, hospitality, and office tenants for the first floor. Three space options are available with a total of 5,800 square feet of prime space at Gratiot and Brush.
Reservations are also being taken on the 153 rental units at exchangedetroit.com. Potential residents may select their preferred floor plan and have first choice by joining the reservation list before the units are released to the public.
The Exchange site will be mobilizing over the next month as fencelines and signage move into place. We plan to host a socially distanced, virtual, and live-streamed groundbreaking in April with a small group in attendance. Our team will be following outdoor gathering guidelines set forth by the City of Detroit and MDHHS.
All financing activity is complete, and the project is fully funded. One of the highlights of the capital portfolio is the PACE loan on the project with Greenworks. This loan is based upon the energy efficiency of Exchange and is the largest PACE loan in Michigan history. Our team is excited about this project achieving successful progress through the pandemic with support from the City of Detroit, MEDC, DEGC, PM Environmental, Flagstar Bank, Greenworks, Greektown Neighborhood Partnership, LIFTbuild, and Barton Malow.
About the team and project
LIFTbuild, with our design team of Ghafari, Parini Design, and Thornton Tomasetti, has focused on a unique hospitality-driven and connected living atmosphere in the center of a vibrant and growing Detroit community. Residents of Exchange will truly “Live Connected” at the crossroads of Gratiot, Brush, and Macomb, bringing together the historic district of Greektown, the bustling business of the Central Business District, and the connection to Detroit’s Entertainment District. New nearby developments include Hudson’s, the University of Michigan Innovation Center, and Greektown’s Randolph Plaza redevelopment, putting Exchange in the center of Detroit’s critical future hubs.