Providing new evidence that targeted reinvestment in public plazas, modern condos, and riverfront revitalization is working for the City of Detroit, a recently released housing study predicts demand for downtown living will remain strong through 2010.
The analysis, produced by Beebe & Associates, found the city's immediate downtown area attracted 4,000 new residents from 2000 to 2005, a time when developers added 1,400 new residential units. The study also predicts there is demand for an additional 1,700 in the urban core over the next five years. Indeed, buyers already are signing up for $1 million flats in the soon-to-be renovated Book Cadillac building.
The movement likely is not fueled by Tiger Fever. The Detroit Tigers were the worst team in baseball just three years ago. What's really attracting new residents to the city are stunning public works projects such as Campus Martius, relocation of modern companies like Compuware, and more than $250 million in new investment to clean and dress up the Detroit River waterfront.
Now if the city could just start building a light rail line down Woodward Avenue.