We have been selling in Detroit for over 10 years now and we have been there during the highs and lows, when we launched in Detroit the city was in troubled times but this gave investors the chance to enter a housing market at prices that never been seen before in a US city. Over the last decide the changes in Detroit have been unprecedented, the new Detroit is unrecognisable, a proper thriving modern 21st Century City.
After the crash you could buy a three bedroom brick house for just over $10,000, the same property today would sell for $50,000 or more. Even-though prices have risen at an exceptionally high rate Detroit still offers investors a chance to buy a three bedroom house at a low price compared to other major US cities.
There has been too many developments in the last 10 years to cover in one article but we have seen a new Downtown rebuilt with high street brands, a new rail system throughout the City, a new Stadium, a new Casino, a new High Tech Park, new Skyscrapers and modern apartment buildings, the arrival of Five Star Hotel chains, leading Tech Giants have taken hold like Twitter and Google, a new Marina, the revamp of historic buildings, billions spent on local communities, a new Park System, a new bridge etc the list goes on and and on.
But the story does not stop here, Detroit has more new plans in the place to make this City the real star of the North East USA.
Plans are being discussed for a New International Trade Crossing, the governments of Canada and Michigan plan to build a second international bridge connecting Detroit and Windsor within the next seven years to enhance their $70 billion-a-year trade relationship.
Link Detroit is already underway, this is a greenway extension that will lengthen Detroit’s popular Dequindre Cut greenway, linking it to the Midtown Loop greenway and a trail in neighboring Hamtramck; plus fix deteriorating bridges and improve street appearances in Eastern Market. The project construction has already started, thanks in part to a $10 million federal grant.
MI Rail expansion, the downtown streetcar line will eventually connect Detroit to northern suburbs like Ferndale, Royal Oak and Pontiac along Woodward Ave. Construction is expected to start soon.
Rivertown, a huge open area along the river has huge plans in place, 500 residential units and retail space. The first phase will add 300,000 square feet of new construction to Detroit’s East Riverfront.
Capitol Park, after the park itself was completely redone in 2009, a full-scale revitalization of several of the neighborhood’s major historic buildings is on the way. The Capitol Park, Farwell, Griswold, United Way and David Stott buildings are all poised to become new apartments and offices, many with first-floor retail.
Cadillac Square the historic plaza as envisioned by Rock Ventures, includes transforming the area into a Market Square with food kiosks, an outdoor bar and a permanent market hall. The square would be lined with cafes and outdoor dining spaces, and Detroit’s historic Four Civic Virtues sculptures would be restored to all their original glory.
These are just a few of the plans that are currently in place, Detroit is making the best effort to create a vision for the future and they have the tools to make it a reality.
One major advocate of change is Detroit Future City, a think tank, a group of policy-obsessed advocates and innovation engineers who are taking a bold plan for Detroit’s future and walking it, step by step, from paper into action.
One of its main goals is to create, facilitate and follow up on an extensively researched and vetted 50-year vision for economic development and land within Detroit’s borders. It is a vision of a city that is environmentally responsible, economically diverse and inclusive as well as equitable in terms of jobs, housing and transportation options.
Detroit has always been a special city for us and we are happy to see so much positivity and developments taking place in this great city.
There is no doubt that 10 years ago Detroit was a great city to invest in but right now its an even better one.
If you would like more information on our great properties in Detroit please email invest@globalinvestmentsincorporated.com
