What's the best use of a riverfront site that was recently the home of the Joe Louis Arena? For a while, it was supposed to be a hotel. But the Sterling Group, who owns the site, is eyeing residential.
The Sterling Group submitted plans to the city this summer for a 24 story high-rise with 500 studio and one-bedroom apartments. It would be called The Louis, and would sit in between the TCF Center and the Riverfront Towers.
Crain's first reported the story on Friday.
The Sterling Group acquired development rights in 2019 from Financial Guaranty Insurance Corp., who received development rights during Detroit's bankruptcy.
The Sterling Group submitted a general rendering of a 290-foot-tall building of glass and steel.
Earlier this year, Foster Financial purchased the 3,000-space Joe Louis Parking Garage, currently under renovation. According to their website, plans include "Transforming the deck into a mobility hub for the City of Detroit. Improvements include: LED lighting, EV charging stations, car wash facilities, dry cleaning pick up/drop off, and a shuttle service." The Free Press reports that they are open to using this parking deck for residents.
According to the deal for the site, the Sterling Group has five years to break ground and apply for Brownfield tax credits.
Demolition of the Joe Louis Arena concluded in 2020.
