Larson Realty Group Break Ground on “The Corner” Development in Corktown
Mixed-use development set on the historic Tiger Stadium site to open in early 2019
Larson Realty Group, the City of Detroit and partners today joined together to break ground on “The Corner,” a $30 million mixed-use development on the former Tiger Stadium site in Detroit’s historic Corktown neighborhood. The development will include 111-units of multifamily apartments including studio, one- and two-bedroom floor plans; and approximately 26,000 square-feet of retail, with an emphasis on local small businesses, fronting Michigan Avenue.
The Corner team worked proactively with neighborhood groups and the City of Detroit Planning and Development Department on the design. The result will offer a tangible connection to the historic neighborhood while appealing to residents seeking a contemporary, urban lifestyle. Larson Realty Group, the developer, secured financing through Goldman Sachs, Capital Impact Partners, Local Initiatives Support Corporation, Invest Detroit, Michigan Strategic Fund, Enterprise Community Partners, Inc., Detroit Brownfield Redevelopment Authority and City of Detroit. “We, at Goldman Sachs, are proud to continue investing in Detroit, and this project, which revitalizes what once was one of the area’s most vibrant and storied landmarks and serves as a gateway to Corktown, one of its oldest neighborhoods,” said Margaret Anadu, managing director and head of the Goldman Sachs Urban Investment Group. “Driven by the dedication of the public and private sector partners involved, this project strengthens this neighborhood and will provide fundamental building blocks of opportunity for residents, including access to quality housing and space for new businesses to grow and create quality jobs.”
The project will revitalize a site that is one of the most iconic intersections in Detroit; once the home to the Detroit Tigers and Detroit Lions and that hosted many other memorable events for our City. The project will be a four-story building at the intersection of Michigan and Trumbull Avenues and will help extend the commercial corridor heading toward downtown Detroit. “For well over a century, this intersection was a place where people gathered and celebrated, where they came for entertainment and connections, and, all in all, where they came together to enjoy the good things in life,” said Eric Larson, president and CEO of Larson Realty Group.
“That’s exactly what The Corner celebrates today, and we’re thrilled we will be able to offer residents a local lifestyle infused with energy and excitement just minutes from downtown.” The Corner will create 400 new jobs, with a commitment to Detroit-based businesses and residents. Residential housing will include 20 percent affordable units of the 80 percent Area Median Income. Approximately 26,000 square feet of ground-level retail space will provide attractive opportunities for local Detroit entrepreneurs and businesses, with 60 percent of the retail at 50 percent of market rental rates.
“Capital Impact and our partners are continuously collaborating to make Detroit’s revitalization accessible to all,” said Nicholas Pohl, senior loan officer for Capital Impact Partners. “The Corner development will create opportunities for current and new residents and business owners alike to grow as part of the vibrant Corktown neighborhood.” A key community tenant for The Corner will be the Build Institute. Build Institute is a Detroitbased nonprofit entity that assists people in turning their ideas into reality. This tenant will promote and support local entrepreneurs to maintain and strengthen the unique character of Corktown. “Innovation and collaboration have long been at Detroit’s core, and The Corner will reflect that history by transforming a historic place into a new one that serves the community in an equitable way,” said Mayor Mike Duggan.
“Since the site was vacated in 2000, the DEGC has been very intentional to prepare for development,” said Kenyetta Hairston-Bridges, director of real estate and finance at DEGC. “We are excited with the collaborative efforts that have developed between: the EDC, the Mayor’s Office, Larson Realty Group, the funders, Detroit PAL and others to make sure this historic site has a meaningful purpose in Detroit’s revitalization.” The project—expected to take 12 months to complete—will bring an influx of employment and increase consumer spending, further expanding economic growth in the area. Pre-leasing for the commercial and residential units is expected to take place during the construction period. “The Corner can truly become the cornerstone of the vibrant Corktown neighborhood—delivering a true sense of place to its residents, just minutes from downtown,” said Stacy Esbrook, regional director of the community assistance team at Michigan Economic Development Corporation.
“Not only will this project impact the immediate Corktown community, but the influence will radiate throughout the rest of our city.” Champion Commercial Structures, Community Capital Consulting, Clark Hill PLLC, The Enterprise Securities Company, First American Title Company, Giffels Webster, Gyro Design, Honigman, Klokwerks, MJBennett, O’Brien Construction Co., Pappas Financial, Plante Moran PLLC, ROK Construction Services, Rossetti Architects, Stokas Bieri Real Estate, SME, The Diggs Group Heritage LLC and Village Green along with many others are lending their skills to The Corner.