Revitalization
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Despite Detroit's recent financial issues, many developers remain "unfazed" by the cities problems.[1] Developers such as Quicken Loans CEO Dan Gilbert "seems as eager as ever to pick up, develop and promote commerce at properties in the resurgent core" Midtown Detroit is one of the most "successful" areas of Detroit with a residential occupancy rate of 96%.[2] Numerous developments are currently in various stages of construction, including an 82 million dollar reconstruction of the David Whitney Building in downtown Detroit & the Woodward Garden Block Development in Detroit's midtown area. [3][4]
Downtown Detroit's population of young professionals is growing and retail is expanding.[5][6][7] A number of luxury high rises have been built. The east river development plans include more luxury condominium developments. This dynamic is luring many younger residents to the city's Downtown along with the revitalized Midtown and New Center areas.[6][7][8] A 2007 study found that Detroit's new downtown residents are predominantly young professionals (57 percent are ages 25–34, 45 percent have bachelor's degrees, 34 percent have a master's or professional degree).[6][8][9]
On June 5, 2013, Whole Foods Market opened its first store in the city of Detroit. Eight weeks later the CEO of Whole foods said that the store is exceeding our wildest expectations.[10] On July 25, 2013, Meijer, a midwesten retail chain, opened a 20 million dollar store in the northern part ot the city that is part of a new 72 million dollar shopping center named Gateway Plaza.[11] Nearby in Detroit's Palmer Park neighborhood, "a slow-but-steady revivial... continues"[12]
Other developments that have recently cleared various hurdles are a new light rail system named the M-1 Rail Line and a new arena centered entertain district involving Michigan billionaire Mike Ilitch[13][14]
- ^ http://nation.time.com/2013/07/29/detroits-developers-unfazed-by-bankruptcy/
- ^ http://www.mlive.com/news/detroit/index.ssf/2013/05/lawrence_tech_to_anchor_new.html
- ^ http://www.huffingtonpost.com/2013/06/01/detroit-development-projects-real-estate_n_3288459.html
- ^ http://detroit.curbed.com/tags/construction-watch
- ^ Muller, Joanne (10 July 2012). "A Shocking Sight In Downtown Detroit - People". Forbes. Retrieved 10 August 2013.
- ^ a b c Harrison, Sheena (June 25, 2007). DEGA enlists help to spur Detroit retail. Crain's Detroit Business. Retrieved on November 28, 2007. "New downtown residents are largely young professionals according to Social Compact."
- ^ a b Halaas, Jaime (December 20, 2005).Inside Detroit Lofts. Model D Media. Retrieved on November 28, 2007. Cite error: The named reference "InsideDet" was defined multiple times with different content (see the help page).
- ^ a b Cite error: The named reference
Marketprofilewas invoked but never defined (see the help page). - ^ Reppert, Joe (October 2007).Detroit Neighborhood Market Drill Down. Social Compact. Retrieved on July 10, 2010.
- ^ http://www.mlive.com/business/detroit/index.ssf/2013/08/whole_foods_ceo_tells_bloomber.html
- ^ http://detroit.cbslocal.com/2013/07/25/new-20m-meijer-store-opens-in-detroit/
- ^ http://detroit.curbed.com/tags/renovation-watch
- ^ http://www.governing.com/blogs/view/gov-detroit-streetcar-moving-forward.html
- ^ http://www.crainsdetroit.com/article/20130724/NEWS/130729926/state-approves-450m-in-bonds-for-red-wings-arena#