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Sign in Sign up for a FREE subscriptionConstruction begins on $909m Detroit office building
Construction has begun on a $909 million office building in Detroit led by Dan Gilbert, founder of mortgage giant Quicken Loans and a major developer.
The project will replace the former J.L. Hudson’s department store with a 58-story building on Woodward Avenue, which is slated to be Detroit’s tallest building.
The site will have 1 million square feet of office, retail, residential and event space. It will also include underground parking for 700 cars.
Construction is schedule to last four years.
The metro Detroit office market recorded 212,838 square feet of positive net absorption in third quarter 2017, primarily in class B buildings, according to CBRE. Since third quarter 2014, the Detroit office market has experienced over 5.3 million square feet of positive net absorption.
The metro Detroit asking lease rate increased to $18.81 in third quarter 2017, while the lease rate has risen by 9.2 percent in the last 3 years. In addition, vacancy in
