Construction to Start at Exchange Detroit
On Monday, September 13th, PEA Group attended the groundbreaking for the first residential project in Detroit’s Greektown neighborhood in almost 60 years – the Exchange. PEA Group, partners, the press, and Mayor Duggan of Detroit celebrated the start of the project’s construction. The Exchange will provide much-needed residential buildings in the district, seeking to fill the residential void identified by the Greektown Neighborhood Partnership and the desire for more residential units in Downtown Detroit.
The $64.6 million construction was funded in part by Greenworks Lending and Lean Green Michigan and was approved by the Michigan Strategic Fund Board for brownfield tax increment financing. The Detroit City Council additionally granted the project a Neighborhood Enterprise Zone abatement.
The Exchange will be roughly 166,000 square feet and have a total of 16-stories with retail and hospitality space featured on the ground level. The building will offer a total of 165 units, 153 of those being apartments and 12 for-sale condos, with 20% of units allocated as affordable housing.
Located at the site of a former parking lot, PEA Group worked with both the architect and development team providing surveying, civil engineering, landscape architectural design and geotechnical investigation and analysis to support the project. PEA Group’s survey team also worked with the architects and development team to prepare condominium exhibits.
The Exchange will be constructed utilizing the proprietary LIFTbuild process. This unique process begins with the construction of the building core and then constructing each individual floor at grade and lifted into place. This construction technology is expected to bring the project to completion 30% faster than typical construction methods. In addition to the unique construction process, the Exchange will utilize energy-efficient building materials and controls systems resulting in the Exchange saving an estimated 63+ million gallons of water, as well as over 18,000 metric tons of CO2.
Estimated to be completed in 2023, the Exchange reflects the existing Greektown streetscape while also complementing new additions to the neighborhood. Gracefully blending residential into entertainment, the Exchange will establish Greektown as a place to call home.
To learn more visit: https://exchangedetroit.com/