DETROIT, Michigan — Larson Realty Group, the City of Detroit and partners announced the groundbreaking of The Corner, a new $30 million mixed-use development on the former Tiger Stadium site in Detroit’s historic Corktown neighborhood.
The building itself weaves history into modern design and will include apartments and studios for rent, with 26,000 square-feet of shopping, dining and amenity services at street level.
The development will offer 111 units of multifamily apartments, including studio, one-, and two-bedroom floorplans.
“Innovation and collaboration have long been at Detroit’s core, and The Corner will reflect that history by transforming a historic place into a new one that serves the community in an equitable way,” says Detroit Mayor Mike Duggan.
Larson Realty Group, the developer, secured financing with Goldman Sachs, Capital Impact Partners, Local Initiatives Support Corp., Invest Detroit, Michigan Strategic Fund, Enterprise Community Partners Inc., Detroit Brownfield Redevelopment Authority, and the city of Detroit.
“For well over a century, this intersection was a place where people gathered and celebrated, where they came for entertainment and connections, and, all in all, where they came together to enjoy the good things in life,” says Eric Larson, president and CEO of Larson Realty Group. “That’s exactly what The Corner celebrates today, and we’re thrilled we will be able to offer residents a local lifestyle infused with energy and excitement just minutes from downtown.”
The Corner is expected to create 400 new jobs. The housing will be made up of 20 percent affordable units, and 80 percent coming from the area median income.
it has also been announced that a key tenant for The Corner will be the Build Institute, a Detroit nonprofit organization that helps people turn their ideas into realities. The Build Institute will promote and support local entrepreneurs.
The project is expected to take 12 months to complete with pre-leasing for the commercial and residential units expected to take place during construction.