DETROIT (WWJ) -- A ceremonial groundbreaking took place today in Greektown, marking the area’s first planned residential development in several decades.
The Exchange will be a 16-story, 165-unit residential high rise located along Macomb Street at Brush, bordering Detroit's central business district and Greektown near Grand Circus Park.
Detroit Mayor Mike Duggan spoke at the groundbreaking, and said that the city needs more residential developments downtown to continue to improve viability.
“We need to blend office and residential and entertainment,” Duggan said. “We need more residential down here, there’s a lot of demand for it. We fill up everything that’s built.”
“This is going to be another 165 units with 20% of them set aside for people of low income to make sure people of all incomes can live in every neighborhood in Detroit,” he added. “That’s our goal and that’s what’s happening.”
The $64 million project expected to be complete by the spring of 2023.
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