As part of their new Co-Developer Program, Olympia Development announced today that the first building in the program is 475 Peterboro Street, or the Woodstock Apartments. They report that they've received 35 applications for this property, and have narrowed it down to 10 prospective Detroit-based developers.
The brick apartment building dates back to 1914 and was originally home to 71 apartments. It sits across from the Detroit Shipping Company.
Olympia has co-developer projects already in place for the District Detroit. These properties are The Residences @ 150 Bagley (the United Artists Building) downtown, 64 Edmund Place in Brush Park, and the Henry Street Apartments in Cass Corridor.
“We are proud of The District Detroit’s Co-Development Program and the opportunity to work with more Detroit based developers,” said Rian English Barnhill, Vice President of Government and Community Affairs at Olympia Development of Michigan. “It is important to us that we work with community-minded partners who are committed to Detroit.”
Later this fall, invitations will be sent to developers for 81 W. Columbia Street and 44 & 48 W. Adams as part of the Co-Developer Program. These, along with the Woodstock Apartments, are part of the Community Benefits Agreement for the District Detroit.
Olympia announced a 10-building phase of the District Detroit in 2022; a community benefits process took place and state and local incentives were finalized. But the project has been at a standstill; it was supposed to break ground last summer.
This article has been edited to reflect that the first co-developer program was not part of the Community Benefits Agreement.
