A groundbreaking ceremony officially kicked off construction Monday for the Exchange, a new high-rise in downtown Detroit bordering Greektown. The 16-story building will use the LIFTBuild technology, where each story will be built at ground level and lifted up, meaning we'll see it built from the top down.

It's now slated to be finished in Spring 2023.

The $64.6 million development will include 153 apartments, plus 12 condos on the 15th and 16th floors. Condos are being sold through @properties. Exchange will also have ground-level retail and office space. 

The development is bordered by Gratiot, Macomb, and Brush Streets, near Ford Field, Greektown, and the future Innovation District from Bedrock. It's also situated next to an upcoming gateway plaza at Monroe and Randolph, under design in a larger framework through the Greektown Neighborhood Association. 

Exchange will fill a gap in residential development in that area. Downtown residential is mostly west of Woodward, and the nearest neighborhood is across 375 at Lafayette Park, with sparse options in Eastern Market.

20 percent of the apartments at Exchange will be offered as affordable for those making 80 percent of the Area Median Income.