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Related Companies and Olympia Development share vision for future development in The District Detroit

Vision based on power of the Detroit Center for Innovation to spur development, benefit community and attract global office tenants. Job creation and new opportunities for Detroiters to be driven by envisioned expansion of affordable housing, additional commercial office tenants and green spaces, retail and restaurants. Olympia Development and Related to continue engaging Detroiters and seeking feedback and input across the city.

Related Companies and Olympia Development of Michigan today shared a vision for future development in The District Detroit that will bring new opportunities for affordable and market-rate housing, as well as sustainable green spaces, commercial office space, retail and restaurants. In December of 2021, the companies unveiled that the Detroit Center for Innovation (DCI) would be built in The District Detroit and that the organizations would explore further possibilities for future development.

The DCI will be anchored by a world-class estimated $250 million, 200,000-square-foot research and education center operated by the University of Michigan. Programs will focus on research and innovation, with the goal of supporting the economic development of Detroit and the state with a pipeline of talent. The DCI will also include a technology incubator, housing and green space, while providing a critical skills pathway for students from Detroit Public Schools Community District and beyond.

Renderings shared today explore conceptual initial areas of focus for future development that will benefit the community while also meeting the strong nationwide demand for developments that make a positive difference and address critical social issues. The renderings show conceptual commercial development on Columbia Street, a residential corridor along Park Avenue, a hotel on Henry Street, new parks and green spaces including an envisioned community space over I-75. The conceptual renderings also show preservation and adaptive reuse of existing historic buildings, new office space and amenities including restaurants, shopping and more, showcasing what is possible in this vibrant, dynamic live, work and play development.

“More now than ever before, people are looking for dynamic, walkable neighborhoods that have great places to work, mixed-income living options and an abundance of culture, dining and retail in close proximity. Working with Olympia Development on the DCI, it was immediately apparent how much opportunity there is to build on their progress in The District Detroit and make our work together a model for inclusive urban development,” said Stephen Ross, chairman of Related Companies. “Anchored by innovation and dynamic sports and entertainment venues, The District Detroit will become one of the most vibrant neighborhoods in the nation, and there’s no place I’d rather be realizing this vision than in my hometown.”

Related’s community-building experience and proud history as the largest private owner and preservationist of affordable housing in the nation, combined with Olympia Development’s steady progress in The District Detroit and decades-long experience designing, building, renovating and operating dynamic multi-use venues such as the Fox Theatre featuring Proud Partner Comerica Bank, the award-winning Little Caesars Arena and Comerica Park, has enabled the two companies to identify significant opportunities for future development.

“As we continue to envision the amazing possibilities for Detroit’s future, today is another important step forward in making The District Detroit a signature live, work and play neighborhood that improves lives in our community,” said Christopher Ilitch, President and CEO of Ilitch Holdings, Inc. “The feedback we receive from the community will guide us as we work to continue creating life-changing opportunities through new housing, good jobs and education.”

Olympia Development and Related are actively engaging stakeholders from the community to gather feedback on this vision for The District Detroit. By seeking and incorporating feedback from the community, the companies will ensure the vision reflects and supports local priorities that will influence how and when the development takes shape. Community conversations are exploring the core values and priorities of the purpose-driven development, including: education, engagement, employment, economic inclusion and environmental justice. The companies have begun work together in these areas, including through the recently announced partnership with Project Destined to offer a real estate internship program for public school students in Detroit.

Olympia Development’s successful efforts so far present an excellent platform for expanded growth in the city, bringing new housing and jobs, while spurring extensive economic opportunity for Detroiters. Along with new and recently renovated commercial office space at the Little Caesars world headquarters building, 2715 Woodward and the Women’s City Club, three residential projects currently underway include the Eddystone Residences, the Residences @150 Bagley and the planned revitalization of seven historic buildings on Henry Street, all of which include affordable housing.

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About Related Companies:
Related Companies is a global real estate and lifestyle company defined by innovation and the most prominent privately-owned real estate firm in the United States. Formed 50 years ago, Related is one of the largest private owners and preservationists of affordable housing in the U.S. and a fully integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisition, management, finance, marketing, and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, West Palm Beach, Miami, Washington, D.C., Abu Dhabi and London, and boasts a team of approximately 4,000 professionals. With over $60 billion in assets owned or under development including the 28-acre Hudson Yards neighborhood on Manhattan’s West Side, The Square in Downtown West Palm Beach, The Grand LA and Related Santa Clara in California and The 78 in Chicago. Related was named to Fast Company Magazine’s list of the 50 Most Innovative Companies in the World. For more information about Related, please visit www.related.com.

About Olympia Development of Michigan:
Olympia Development of Michigan, an Ilitch company, is a real estate development firm dedicated to improving the lives of people who live, work, and play in Detroit and beyond. Through catalytic developments, innovative design and construction, and inclusive placemaking, Olympia Development continues to create jobs, increase tax base and grow businesses. Olympia Development’s growing portfolio of developments fosters dynamic connections between people and environments through a range of retail, residential, institutional, and commercial office spaces. Learn more at https://www.OlympiaDevelopmentMi.com/.

About The District Detroit:
The District Detroit is a premier urban live, work, play destination featuring professional sports, entertainment, residential, retail, educational, and office space in the heart of the city. This growing, destination for dining, sports and live entertainment offers eventgoers, creators, entrepreneurs, residents and visitors a dynamic environment unlike any other in the country. The area features three major, multi-use venues and all four of the city’s largest professional sports teams within walking distance of one another. Venues include the award-winning Little Caesars Arena, home of the Detroit Red Wings, Detroit Pistons, and world-class entertainment; Comerica Park, home to the Detroit Tigers; and the Detroit Lions’ Ford Field. The Fox Theatre, Detroit’s crown jewel featuring Proud Partner Comerica Bank, continues to be one of the most iconic theaters and music venues in the world. The District Detroit is the future home of the Detroit Center for Innovation, to be operated by the University of Michigan, featuring a world-class research and education center, as well as a technology incubator and nearly 300 units of housing. Columbia Street—located in the heart of The District Detroit—is a growing community gathering place that features vibrant new dining and retail concepts and hosts dozens of events each year, including art walks, workouts, live music, holiday celebrations and much more. The District Detroit is an ideal landing spot for guests to connect and celebrate before, during or after an event, and offers something for everyone.

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