Here are a few of the stories we're reading this week.
Can we fill our luxury apartments?
Many new luxury apartments have opened in or around downtown Detroit in the past year, most recently at Perennial Corktown and soon the Residences at Water Square. Do we have the market for that here in Detroit? Buildings that have opened recently, like Book Tower and the Exchange, still have availability. But the more we can fill them, the better it is for the vibrancy of the city and future developments. The nearly 500 units at the Residences at Water Square will be a true test, with some units well over $4,000/month. Detroit Free Press (paywalled)
Buying Harpo's
In the market for a historic music venue? Harpo's on the east side is up for sale for an undisclosed amount. The owner still wants to run it, but wants to invest in needed renovations. The long-standing building, dating back to 1939 and designed by Charles Agree, has been home to metal, hip hop, and rap concerts for decades. Crain's Detroit Business Detroit Metro Times
Staying for the Draft
The NFL Draft will be here in Detroit in 90 days. So where will these tens of thousands of visitors stay? If you're coming in, let's hope you booked your room already. Hotels in Detroit and its surrounding areas are expected to be full. Those with short-term rentals could book their rooms or homes for double or quadruple the normal rate. Considering the hospitality involved for an event like that, the economic impact could be in the hundreds of millions for Detroit. WXYZ
