More than 700 residential housing units will be going up in The District Detroit, near the new sports and entertainment area in downtown Detroit. About 139 of those units will reportedly be affordable housing.
Ilitch Holdings President and CEO Chris Ilitch referred to the project as Detroit's largest single announcement of residential development in more than 20 years.
The 686 units will be created in six buildings, two will be new construction and the other four will be renovated historic structures in the city.
The buildings selected for rehabilitation are: The Alhambra, The American, The Eddystone and 150 Bagley.
"We're keeping the best of our history as we build the best of our future," said Detroit Mayor Mike Duggan.
Duggan says about $160 million has been invested in the project. Construction is reportedly set to begin on some of the properties this year.
Watch the full press conference from October below:
