Quote:
Originally Posted by seabee1526
Is Detroit reaching market saturation for residential? Seems like new riverfront, united artists building and the broadway block, the exchange etc should be enough?
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There's actually a lot more residential coming online though most metrics tend to include the whole city/metro area and not just downtown.
Downtown specifically has "stable" rent prices, but that's skewed from the fact that there's so few rental properties (relative to other neighborhoods in the city) and there's often a big time gap between when big new projects add new units on to the market.
If anything, Downtown Detroit could probably add thousands of new units and still be fine, but I think there's still a financing gap where developers rely on a mix of public and private financing especially for any renovation projects.
And actually, now that I think about it, using public funds for the Ren Cen would probably drain a huge chunk of future funding that could be used for smaller projects around Downtown. So whether or not that's the goal, going that route would not necessarily help as much as whatever renovations would add residential to the Ren Cen, imo.
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