A “sky breaking” marked the start of construction last month on a $24 million residential project that will rise five stories atop The Griswold, the 10-story parking and retail structure at the corner of Griswold Street and Michigan Avenue in Capital Park.
Beginning on the 11th floor, the 80 market-rate apartments in The Griswold will have unobstructed views of downtown Detroit through floor-to-ceiling panoramic windows. The one, two and three-bedroom apartments will range from 750 to 1,600 square feet.
“It is gratifying to be able to revive the Griswold nearly a decade after our initial plans for this location were put on hold,” said David Di Rita, principal of the project development firm The Roxbury Group. “We see the renewed project as a natural evolution of our original vision for the site, which also builds on the current momentum in Capital Park.”
In 2007, the Roxbury Group entered into an original Development Agreement with the DDA for The Griswold, which then envisioned 80 for-sale condominium units. While the project was scrubbed later that year as a result of the collapse of the national real estate market, the DDA proceeded with the construction of the parking structure, including the necessary improvements to support the residential project.
The strong and growing demand for rental apartments in greater downtown coupled with the ongoing redevelopment in the Capital Park district led Roxbury and the DDA to re-launch the residential project.
The Griswold is scheduled for completion at the end of 2016 and when it is finished, it will be the first new-construction apartment project to be built in the Central Business District since the third tower of Riverfront West was completed in 1992.
In addition to The Roxbury Group, the construction team includes Kraemer Design Group as architect and Walbridge as construction manager.
Consultant – Real Estate Development