Olympia Development Launches Retail, Office Space Developments In The District Detroit's Woodward Square Neighborhood

Construction underway on more than 200,000 square feet of restaurant, retail and office space adjacent to new arena area along Woodward Avenue and Henry St.

Local and national retail and office tenants being sought through aggressive leasing strategy

Total investment in The District Detroit and new Detroit arena currently projected to be as much as $1.2 billion by 2020, boosted by more than $900 million in private funds

Jan 31, 2016, 08:00 ET from Olympia Development of Michigan

DETROIT, Jan. 31, 2016 /PRNewswire/ -- Olympia Development of Michigan, LLC, today detailed its plans for more than 200,000 square feet of privately financed retail and office development projects in The District Detroit. These buildings, at the eastern and southern edges of the new Detroit arena, will join the arena as part of the Woodward Square neighborhood connecting Midtown to Downtown Detroit.

The buildings on Woodward Avenue and Henry Street will offer restaurants, shops and office space along this section of Detroit's main thoroughfare for the first time in years and provide neighborhood-friendly east and south façades for the arena. The buildings in the Woodward Square neighborhood will be four levels and will offer more than 55,000 square feet of retail space and more than 160,000 square feet of office space. Some of the space will be occupied by the Detroit Red Wings and Olympia Entertainment, while other areas will house offices, retail and restaurants with both a local and national flair.

"The District Detroit will be a vibrant, world-class sports and entertainment destination, and it will also bring significant new retail, residential and office spaces to the heart of Detroit. We're focusing on creating a uniquely Detroit experience featuring a mix of local and national entrepreneurs, chefs, restaurants and retail concepts," said Steve Marquardt, vice president of Olympia Development of Michigan. "Less than 20 months from now, new offices, retail and restaurants will flourish on long underutilized sections of Woodward and Henry as these buildings open along with the new Detroit Events Center."

The structures, along with further expected private retail, office and residential development throughout The District Detroit, bring the currently expected total project investment to as much as $1.2 billion by 2020, with $900 million plus of that investment from the private sector. Original plans called for a $650 million total investment in The District Detroit by 2022 at the earliest.

"Our ongoing conversations with retailers, prospective office tenants and residential developers have been extremely positive," said Marquardt. "The District Detroit is coming to life and bringing opportunity and investment to our city."

Olympia Development of Michigan has selected Plante Moran CRESA as real estate partner; CBRE as the project's retail leasing consultant; and Ventra, LLC as the project's residential development consultant. The team is working with Olympia Development to implement a comprehensive leasing strategy, and interested parties can contact the team at leasing@DistrictDetroit.com.

Streaming video of the construction site is available 24 hours a day, seven days a week at DistrictDetroit.com.

About the Detroit Events Center

Home to the Detroit Red Wings, other sports and entertainment events, concerts, family shows and community functions, the Detroit Events Center will feature a dramatic arena bowl, proximity to the action and great sight lines. Rich with the tradition of the Original Six Detroit Red Wings and Detroit's incredible musical heritage, the new Detroit arena will also feature state-of-the-art technology and fan amenities. The Detroit Events Center will open in 2017 and deliver amazing experiences.

About The District Detroit

The District Detroit will be made up of a dynamic mix of sports and entertainment venues, including six world-class theatres and three multi-use sports venues – home to the Detroit Red Wings, the Detroit Tigers and the Detroit Lions. The District Detroit will also feature residential, office and retail developments that connect these venues into one contiguous, walkable area, where families, sports fans, entrepreneurs, job seekers, entertainment lovers and others who crave a vibrant urban setting can connect with each other and the city they love.

Construction of the arena and surrounding District is expected to generate at least $2.1 billion in total economic impact, 12,500 construction and construction-related jobs and 1,100 permanent jobs. More than $100 million in income from the events center project alone is expected for Detroit residents, with significant additional income to be created through future private development. Learn more at www.DistrictDetroit.com.

About Olympia Development of Michigan

Olympia Development of Michigan is a Detroit-based full-service real estate company owned by Detroit entrepreneurs Michael and Marian Ilitch. The company is responsible for developing and investing in some of Detroit's most recognized and visited venues, including the nationally acclaimed Comerica Park. Other Ilitch companies in the food, sports and entertainment industries include: Little Caesars Pizza, Blue Line Foodservice Distribution, the Detroit Red Wings, Olympia Entertainment, Little Caesars Pizza Kit Fundraising Program, Champion Foods and Ilitch Holdings. Michael Ilitch owns the Detroit Tigers. Marian Ilitch owns the MotorCity Casino Hotel. 

 

Photo - http://photos.prnewswire.com/prnh/20160130/327665
Photo - http://photos.prnewswire.com/prnh/20160130/327666
Photo - http://photos.prnewswire.com/prnh/20160130/327667

SOURCE Olympia Development of Michigan



RELATED LINKS

http://www.DistrictDetroit.com
http://www.DistrictDetroit.com