$3B in Investment Coming to Detroit & What Landlords Should Do About It


$3B in Investment Coming to Detroit & What Landlords Should Do About It

Have you heard the buzz about the exciting $3 billion development coming to Detroit’s New Center area? This collaboration involves big players like Henry Ford Health, the Detroit Pistons, and Michigan State University.

You might be curious: how will this affect your real estate portfolio? We’ll examine each new investment and analyze what it means for your investments.

A $3B Injection into Michigan

Six groundbreaking projects covering healthcare, apartments, and medical research are set to transform the Detroit area. And this isn’t a far-distant possibility – two of these are gearing up to break ground next year.

Here’s a breakdown of what these developments will entail:

Henry Ford Hospital Expansion:

    • This $2.2 billion expansion is a game-changer. With a new 21-story hospital tower, upgraded operating rooms, and expanded emergency facilities, it brings top-tier healthcare services to the area.
    • As the hospital expands, the demand for housing nearby will skyrocket. Landlords can capitalize on this by offering premium rentals to healthcare professionals, patient’s families, and hospital staff seeking convenient accommodations.
    • Additionally, the influx of healthcare workers and patients’ families can boost demand for retail and dining options, providing opportunities for commercial leasing.

Henry Ford + MSU Medical Research Center:

    • This joint venture between Henry Ford and MSU is about research, innovation, and progress. With over 500 permanent jobs and a focus on cutting-edge medical research, it attracts top talent and drives economic growth.
    • Landlords can cater to researchers, scientists, and academics by offering upscale housing options near the research center. These tenants may seek long-term leases that provide stability and consistent rental income.
    • Furthermore, the prestige of having a world-class research facility in the neighborhood can enhance the area’s reputation, making it more desirable for future tenants and investors.

Residential Developments:

    • The residential projects, including redeveloping One Ford Place and new apartment buildings, add significant housing stock to the area.
    • With over 600 new apartments and a commitment to affordable housing, landlords have diverse rental opportunities. From luxury units to affordable options, there’s something for every tenant demographic.
    • Mixed-income housing fosters a vibrant community, attracting a diverse tenant base and creating a sense of inclusivity.
    • Additionally, integrating retail spaces within residential developments enhances the neighborhood’s livability, offering conveniences and amenities that appeal to tenants and attract foot traffic.

Parking Garage:

    • The construction of a new parking garage addresses a critical need for residents, workers, and visitors in the area.
    • Landlords can leverage the parking garage to offer tenants premium parking options, increasing the value proposition of their rental properties.
    • Furthermore, including EV charging stations aligns with sustainability trends, appealing to environmentally-conscious tenants and enhancing the property’s marketability.

$3B A Potential to Enhance Your Michigan Portfolio

Overall, each investment in the $3 billion development contributes to the growth and vitality of the New Center area, presenting landlords with a myriad of opportunities to maximize their earning capacity through strategic property investments and management.

Want to stay up-to-date on the latest property investment news in Detroit? Check out our blog, which we update weekly with rental investor tips, tricks, and insights.

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