Posted Jun 1, 2017, 4:49 AM
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Midwest Moderator - Editor
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Join Date: Jan 2002
Location: Big Mitten
Posts: 31,745
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Quote:
Apartment rental rates at Hudson's site likely to top $3 per foot
By John Gallagher | Detroit Free Press
May 31, 2017
Dan Gilbert's planned Hudson's site project will not only create the tallest building in Detroit but the highest retail and apartment rental rates in the city.
Jim Ketai, CEO of Gilbert's Bedrock real estate arm, and Dan Mullen, Bedrock president, said today at the Mackinac Policy Conference that apartment rents at the planned tower at the Hudson's site could top $3 per square foot.
That would mark a dramatic increase from today's rental rates in and around downtown Detroit, where newer projects are drawing about $2 per square foot rents. Not so long ago, landlords were lucky to get $1.50 per square foot in the Detroit apartment rental market.
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