Entity linked to Stephen Ross plans development in District Detroit
An entity linked to real estate billionaire Stephen Ross is planning a multifamily residential or mixed-use development near Little Caesars Arena.
As first reported by Crain’s Detroit Business, Detroit City Council is considering selling for $500,000 five city-owned parcels at Charlotte and Third streets to Third and Charlotte Limited Dividend Housing Association LLC.
Documents filed with the state of Michigan for the LLC lists two executives with Stephen Ross' New York-based Related Companies, Jennifer McCool and Richard O'Toole. According to Crain's, Detroit-based The Platform is also involved in the development.
A spokesman said Tuesday that The Platform and Related had no comment.
According to city documents, the parcels for sale are 676 and 708 Charlotte and 3126, 3136 and 3154 Third. The land sits within the footprint of the Ilitches' District Detroit.
The developer proposes a multifamily residential or mixed-use development with 75 rental units, tenant common areas and surface parking, according to a letter from the city's planning and development department to the council.
Ross, an influential real estate mogul from Detroit, is a large donor for the $300 million University of Michigan innovation center being developed by Dan Gilbert's Bedrock in downtown Detroit.
The sale will be discussed among the council's planning and economic development committee before heading to the full council for a vote.
The city first sought proposals in 2019 from developers to revitalize the vacant, city-owned property.
“The property is a top commercial development priority for the City of Detroit given its visibility, proximity to institutions and employment hubs, and its adjacency to other city-controlled parcels and infrastructure investments,” city officials wrote at the time.
The city called for proposals to include commercial uses such as a restaurant, retail or an event venue, but also said it would consider mixed-use proposals with residential units.