News Summary
Blackacre Management has acquired the Detroit Executive Plaza for $5 million, a significant redevelopment milestone in Corktown. Plans are in place to transform the site into Wayne Lofts, a luxury residential community featuring curated retail spaces and high-end amenities. This ambitious project promises stunning views and aims to enhance economic development in the area, supported by further city revitalization initiatives. The redevelopment is set to begin next summer, with openings expected by 2028.
Detroit Executive Plaza Acquired for Redevelopment
Detroit has witnessed a significant development milestone with the acquisition of the Detroit Executive Plaza campus, located at 1200 Sixth Street in Corktown, by Blackacre Management for $5 million. The property spans 10 acres and encompasses over 613,000 square feet of office space that has been vacant following its former use by the State of Michigan.
Plans for Wayne Lofts
Blackacre Management intends to transform the Detroit Executive Plaza into a luxury residential community called Wayne Lofts. This project aims to create a resort-style environment that is set to include curated retail spaces and high-end amenities. It promises views of the Detroit River, the Ambassador Bridge, and the downtown skyline, which are expected to enhance the attractiveness of the development.
Project Details
The acquisition includes two towers and nearly 1,000 parking spaces, all with direct access from the Lodge Freeway. The property is situated within an Opportunity Zone, thereby offering unique advantages in terms of scale and visibility. Wayne Lofts is anticipated to be one of the most ambitious mixed-use developments in Detroit’s recent history, with a range of plans including not only residential units but also Wayne Residences, Office/Co. Elevated Workplaces, a Gotham Hotel, and Vanity Salon Suites.
Competition and Acquisition Insights
The purchase price of $5 million is significantly lower than the previous listing of $35 million and an appraisal value of $42 million from 2019. Blackacre outbid several competitors, including developers from as far away as Denver and Saudi Arabia, indicating the project’s strategic importance and the expected revitalization it will bring to the area.
Commitment to Community and Preservation
Blackacre Management’s leadership has expressed a strong commitment to the development process, favoring long-term investment over quick profit to ensure that the site contributes positively to Detroit’s skyline. The redevelopment initiative is set to begin in phased stages starting next summer, with some parts expected to open as early as 2028.
Supporting Economic Development
The acquisition of Detroit Executive Plaza comes in the wake of ongoing revitalization efforts in Corktown, which involve a collective investment of $67.2 million aimed at fostering economic growth and improving housing opportunities. Notably, Ford Motor Company is investing $700 million to renovate the nearby Michigan Central Train Station into a new campus, which is projected to generate approximately 5,000 jobs.
Urban Planning and New Housing Developments
The city of Detroit is spearheading the Greater Corktown Neighborhood Framework Plan, which includes implementing mixed-income housing initiatives and new housing developments in response to resident feedback and current housing demand. This includes plans for a four-story apartment complex and enhancements to walkability in the area.
Future of Corktown
Further development projects include the Red Arrow Lofts Project, which will redevelop previously blighted land, and the conversion of a bottling plant in the Historic Corktown District into a multifamily housing complex. This initiative aims to add more housing options for workers close to Ford’s new campus and includes provisions for subsidized housing options, aimed at maintaining affordability within the Corktown neighborhood.
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HERE Resources
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Additional Resources
- DBusiness: Blackacre in Southfield Acquires 10-Acre Detroit Site
- Wikipedia: Corktown
- Fox2 Detroit: Revitalization Projects in Corktown
- Google Search: Detroit urban development
- Crain’s Detroit: Morouns Sell Large Corktown Building
- Google Scholar: Detroit revitalization
- Encyclopedia Britannica: Detroit History
- Google News: Detroit real estate news
Author: STAFF HERE DETROITMI WRITER
DETROIT STAFF WRITER The DETROIT STAFF WRITER represents the experienced team at HEREDetroitMI.com, your go-to source for actionable local news and information in Detroit, Wayne County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Movement Electronic Music Festival, Detroit Grand Prix, and America's Thanksgiving Parade. Our coverage extends to key organizations like the Detroit Regional Chamber and Focus HOPE, plus leading businesses in automotive and healthcare that power the local economy such as General Motors, Ford Motor Company, and Henry Ford Health. As part of the broader HERE network, including HEREGrandRapids.com, HERENorthville.com, HERENovi.com, and HEREPlymouth.com, we provide comprehensive, credible insights into Michigan's dynamic landscape.
