The Exchange Building being built via the LIFTbuild methodology in downtown Detroit’s Greektown neighborhood took home the 2023 CoStar Impact Award for Best New Multifamily Development. CoStar’s Impact Awards highlight the commercial real estate transactions and projects that have transformed the market over the past year. The winners of CoStar Impact Awards are chosen by independent panels of industry professionals.
Exchange is a 16-story residential tower that includes 153 residential units, 12 for-sale condominiums, and ground level opportunities for innovative office and retail concepts totaling 166,000 SF. Apartment homes are located on floors two through 14 with condominium residences on floors 15 and 16. It has set aside 20% of its units for affordable housing. Exchange is the first residential development in Greektown in over 60 years. Tenant move-in is slated for this summer.
Revolutionary Design
The Exchange Building generated a lot of buzz around town last year due to its unconventional look during construction. The building’s appearance is striking because it is being built with LIFTbuild technology, which utilizes a first-of-its-kind construction method in the United States to construct the building from the top down.
A LIFTbuild structure consists of concrete structural spines and steel-framed floor plates. All roof and floor plate assemblies on a LIFTbuild project are done at ground level before being lifted to final position and locked into place. Efficiencies achieved by LIFTbuild’s vertical manufacturing approach provide a much safer and more controlled environment for the tradespeople that perform the work and could help solve the housing supply crisis that has plagued the country by increasing the speed at which developments are designed and constructed.
CoStar’s Impact Award for Best New Multifamily Development is a high honor as CoStar is the premier provider of marketing services for the commercial real estate industry in several countries in North America and Europe.
Exchange will be hosting an open house for prospective residents on Saturday, April 22 from 11am to 1pm. Anyone interested in attending must reserve their spot via Eventbrite. Read about CoStar’s Impact Awards on the website costarimpactawards.com. For more information on Exchange, visit exchangedetroit.com.