Detroit-based real estate company Olympia Development of Michigan (ODM) has revealed the designs of a new $650m mixed-use development project in downtown Detroit, US.
The project, which will include residential, retail, office facilities and an events centre, will connect existing and new developments along Woodward Avenue with five mixed-use district neighbourhoods.
The five neighbourhoods are Columbia Street, Wildcat Corner, Cass Park Village, Columbia Park and a new home for the upcoming Detroit arena.
The developments in the sports and entertainment district will be integrated with existing sports and entertainment venues in the area, including the Fox Theatre, Comerica Park, MotorCity Casino Hotel, Ford Field, the Detroit Opera House, and the Fillmore Detroit.
A memorandum of understanding (MOU) was signed between the City of Detroit Downtown Development Authority (DDA), ODM and Wayne County on 29 June 2013 for the project.
Under the MOU, out of the total cost of the project, approximately $367m or 56% will come from private investment and $283m or 44% will come from public investment.
Detroit governor Rick Snyder said: "The expanded vision for this important project will immediately begin building on the success of other investments along Woodward Avenue.
"This is a powerful example of how public-private partnerships have multiplier effects that benefit the city, the region and the state."
Construction work, which will be carried out simultaneously with the Joe Louis Arena development, is expected to start in late 2014 and create around 8,300 construction jobs and 1,100 permanent jobs in Detroit.
The project is expected to create at least $1.8bn in economic impact for the city, region and state.
Image: Ariel view of the proposed Sports and Entertainment District in downtown Detroit. Photo: courtesy of Dennis Allain Renderings / District Detroit.