Posted by Staff Writer on 11/9/2017 to Business Opportunities
IncSmart Michigan (Small Business and Startups) - The tallest building in Michigan will break ground this fall on a 1.3 million square foot building. The newest high rise in Detroit will have office, retail and an event space. It will be topped with 68th floor residential tower that would reach over 800 feet high. The top floor of the tower will have an observatory and sky deck. Detroit's vacancy rate is now hovering around 7 % for downtown office space and rents were up to $24.36 per square foot. Six years ago, the vacancy rate for downtown was 36%.
The Renaissance Center is facing the possibility of losing its title as the tallest building in Detroit. The new building planers to construct the $909-million building on the site of the old J.L. Hudson department store. The land has been vacant since it's demolition. The new tower will have more than 300,000 square feet of new office space, 100,000 square feet of retail, food and beverage space, and 167,000 square feet of exhibition space. The 68 floor residential tower will provide the city with 330 apartments. The building would have over 1,000 new full-time office jobs. Retail, restaurant, and event and exhibition are expected to hire over 600 additional people.
By IncSmart Staff Writer
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