A surface parking lot at Cass and Canfield in Midtown is one step closer to becoming home to a nine-story, mixed-use development that will include apartments, retail shops, and a hotel and conference center.
The Wayne State University Board of Governors voted on Nov. 22 to authorize the university to enter into a memorandum of understanding and long-term lease with Broder & Sachse Real Estate Services to develop the 1.5-acre site.
It is proposed that the development will include approximately 248 market-rate apartments, 19,000 square feet of ground-floor retail space, a hotel with up to 120 rooms and a conference center with capacity for up to 300 people.
The project supports Wayne State's 2020 Master Plan by building upon the residential and commercial development in the South University Village District. The first phase of the South University Village District was completed in 2008 and named Development of the Year by Crain's Detroit Business.
Today, with Midtown's occupancy rates exceeding 95 percent, there is much demand in the growing neighborhood. The new development is expected to open in 2016.
"In addition to providing much-needed housing and hotel and conference facilities, this project will enhance the connection between our main campus and our medical campus, as well as further promote Midtown as a walkable and bikeable neighborhood," said WSU President M. Roy Wilson. "Wayne State remains committed to being a leader and catalyst for economic growth in Detroit."
The development will be conveniently located near the car-sharing service Zipcar and a proposed M-1 rail stop, both of which are amenities sought by young professionals.
The university selected Broder & Sachse through a competitive RFP process in which the university received five proposals. Like Studio One, this is a partnership in which Wayne State leases land to a private company for development.
"Broder & Sachse Real Estate is very excited about partnering with Wayne State University in developing a groundbreaking, state of the art, hip, dynamic mixed use development in Midtown Detroit," said Todd Sachse from Broder & Sachse Real Estate. "The demand and rapid growth in Midtown and Downtown Detroit makes the timing for this development optimal. We know this will be a great asset for the university and the community."
Based in southeast Michigan, Broder & Sachse has been providing full-service commercial, residential and industrial real estate services since 1993. To date, Broder & Sachse has acquired and developed more than 25 projects worth more than $250 million, and has been recognized as one of the top 25 property management companies in Michigan since 1997.
The university retained Taktix Solutions to help manage the selection of a developer for the project.
A gallery of images of the new development can be found at http://www.flickr.com/photos/waynestateuniversity/sets/72157637949213143/.
Wayne State University is a premier urban research institution offering more than 370 academic programs through 13 schools and colleges to nearly 28,000 students.