2 new downtown apartment projects approved - KMSP-TV

2 new downtown apartment projects approved

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A rendering of The Griswold apartment project. A rendering of The Griswold apartment project.
DETROIT (AP) - The Detroit Downtown Development Authority has given preliminary approval for two new apartment construction projects.

One project approved Wednesday is called The Griswold, a five-story, 80-apartment development atop a parking garage.

The other is called Statler City, a 200- to 250-apartment development be near Grand Circus Park.

The Detroit Economic Growth Corp. has been authorized to negotiate both agreements.

Construction on The Griswold could start this year at an estimated cost of $22 million. It originally was proposed in 2007 as condominiums, but was canceled with the housing market collapse.

Village Green says it plans to invest up to $35 million in Statler City. Developers say they hope to complete it in 2016.

City officials say the two developments will help satisfy growing demand to live downtown.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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