A plan to build a 16-story residential tower in Detroit’s Greektown district received key approvals Tuesday and could break ground as early as December.
The $64.6-million development, called The Exchange, would be built at 338 Gratiot on a half-acre site that is currently a surface parking lot. Once completed in 2022, it would be the largest new building in Greektown since the Greektown casino’s 400-room aquamarine hotel skyscraper opened in 2009.
The Exchange would contain 153 rental apartments and 12 for-sale condos on the 15th and 16th floors. There would be about 6,500 square-feet of ground-floor space that was originally planned to be retail space, but in response to the coronavirus pandemic and its effect on the market demand, will instead be carved into 30 private for-lease offices.
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