Liftbuild is slated to wrap up development this summer on a high-rise apartment building in Greektown that represents the first project in North America to utilize the company's innovative top-down construction method while also meeting calls to build more housing in the historic Detroit neighborhood. In recognition of this consequential project, The Exchange earned a 2023 CoStar Impact Award for multifamily development of the year in Detroit, as judged by real estate professionals familiar with the market.
Liftbuild began construction in 2021 on The Exchange, a planned 16-story apartment building at 310 Gratiot Ave. that marked the first high-rise residential building to break ground in Greektown in decades. A subsidiary of Southfield, Michigan-based general contractor Barton Malow, the company is building the project using its LIFTbuild assembly system, a vertical manufacturing approach where each floor is assembled at the ground level and lifted up the spines where they are then locked into place, starting with the top floor and working down. Similar to modular construction, the fit-out is built in a fully enclosed and conditioned space while the lower floors are constructed below.
The assembly process is designed to maximize cost and schedule savings while allowing the project to be completed 30% faster than traditional construction, according to the company. Once the Exchange is completed, it will be the largest new residential building in the area since the Greektown Casino Hotel was built in 2009.
The project also meets the city’s need for more residential buildings downtown, Detroit Mayor Mike Duggan said at the groundbreaking ceremony in 2021.
About the project: The Exchange has been designed to include 153 rental units as well as 12 condominiums ranging from 830 square feet to 1,865 square feet that will be for sale on the 15th and 16th floors. Of the 153 apartments, 20% will be reserved for affordable housing. The project is also designed to include 5,800 square feet of retail and office space on the ground floor. Planned amenities include a fitness center, rooftop terrace and outdoor grilling areas, with the project's design also incorporating such green features as energy-efficient lighting and HVAC systems as well as water conservation measures. The project was fully funded through a commercial property assessed clean energy, or C-PACE, loan, which allows commercial property owners and developers to obtain low-cost, long-term financing that is paid back through an annual assessment on the organization’s property tax bill.
What the judges said: This is another project that exemplifies the belief and financial faith in an area of Detroit that has not seen new multifamily in decades, said Luke Bonner, CEO of Bonner Advisory Group. "The Liftbuild technology deployed on this site is also impressive."
"The project is a very new and unique way to construct an urban project and, depending on the outcome, will be very impactful on other future developments," said Dennis Bernard, president and founder of Bernard Financial Group.
"The building adds to the new generation of residential CBD living," said John Degroot, vice president of research at Newmark.
They made it happen: Liftbuild is developing the project. Ghaffari Architecture is the designer. Engaged @properties, formerly Alexander Real Estate Detroit, has been selected to handle the condominium sales. The Aeres team with Signature Associates has been selected to market the commercial space for lease.
