Investing In The Future Of Detroit Neighborhoods
In the wake of Detroit’s bankruptcy in 2013, we believed that certain Detroit neighborhoods would experience dramatic increases in demand for housing and services. We acted on this belief over the last five years by acquiring and improving real estate in these neighborhoods.
Demand is growing at a rapid pace. As jobs are being created in Detroit, people are moving into the city instead of continuing to commute from the suburbs. This marks a sea change in metro Detroit population flows. At the same time, macro trends such as remote working arrangements, delayed child rearing, and spiking rents along the East and West coasts are bringing new residents to Detroit from outside the metro area.
Current Projects
Greatwater currently has a number of projects taking place in Southwest Detroit. Less than three miles from Downtown, Southwest Detroit is a growing, diverse, walkable neighborhood that has a large population of young professionals and Latin American immigrants.
The City of Detroit is investing millions of dollars from its Strategic Neighborhood Fund in Southwest. Investments include significant upgrades to Clark Park, already one of the best neighborhood parks in Detroit.
The Barbara, Southwest Detroit
The Barbara (pictured above) is a 7-story building constructed in 1920. It is located just off Vernor (the main commercial street), where the City is rezoning to add higher density developments to its bustling commercial district.
Vernor (also called Mexican town) is a popular destination for eating and drinking in Detroit. It features a wide array of Latin cuisine and several hot new restaurants including Flowers of Vietnam, which was named one of the best new restaurants in America by both GQ and Bon Appetit magazine.
Principals’ Past Projects
Greatwater Principals’ previous projects included several developments in one of Detroit’s top neighborhoods, The Villages. The East and West Villages flank Indian Village, which is made up of hundreds of historic mansions that have been preserved for over 100 years.
Kean And Hibbard, East Village
The Kean (above, right) is a striking Art Deco apartment building designed by Charles Noble in 1931. The building is sixteen stories high, containing four apartments per floor. The main structure is brick; the entrance is embellished with light orange terra cotta inset medallions, and Corinthian columns.
Located directly next to The Kean, The Hibbard (above, left) apartment building is a nine-story structure with 40 units. The building is notable for its architect, Robert O. Derrick, who also designed the National Historic Landmark Henry Ford Museum in Dearborn, Michigan. The Hibbard was listed on the National Register of Historic Places in 1985.
Future Projects
Detroit’s Villages neighborhood has been on an upward economic trajectory that doesn't seem close to slowing down. A prime location for some of the projects in Greatwater’s pipeline, it is a mostly residential area containing almost 300 single and two-family houses, 30 apartment buildings, and about 20 commercial structures spread over 20 square blocks.