Wall Street Journal: Detroit is Emerging as America’s Most Unlikely Real-estate Boomtown

April 22, 2024, 4:46 PM

Developments on Joe Louis site.

The Hudson's Detroit development. Ford Motor Co.'s  massive overhaul of the Corktown train station. The Water Square high-end luxury apartments on the old Joe Louis site.

That and a lot more has caught the eye of the Wall Street Journal in a story titled: "Reversing the Real-Estate Doom Loop Is Possible. Just Look at Detroit."

The story by Konrad Putzier begins:

Barely a decade after Detroit declared bankruptcy, the city is emerging as America’s most unlikely real-estate boomtown.

A development frenzy has gripped Detroit’s central business district. Big companies, including Ford and developer Related Cos., are spending billions of dollars on office buildings and other properties.

Dan Gilbert, a Detroit native and the billionaire co-founder of home lender Rocket Mortgage, is leading the city’s revitalization. His new skyscraper, still under construction, recently topped out at 681 feet, making it the city’s second-tallest tower. It sits across the street from downtown Detroit’s first Gucci store.

The story goes on to mention that home prices in the city are up 40 percent since 2020 and the number of downtown apartments has more than doubled to 5,903 since 2010.

To read the full story click here (a WSJ subscription is required)

Read more:  Wall Street Journal

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