Speaker 1: Detroit is poised for significant development and growth in twenty
Speaker 1: twenty five, with several key projects and initiatives on the horizon.
Speaker 1: One of the most anticipated developments is the District Detroit Project,
Speaker 1: a one point five billion dollar real estate venture led
Speaker 1: by Olympia Development of Michigan and the Related Cause. This
Speaker 1: massive project, which includes plans for ten buildings near entertainment
Speaker 1: venues and the upcoming University of Michigan Center for Innovation,
Speaker 1: has seen its construction timeline adjusted. Housing and hotel projects
Speaker 1: are now prioritized over the originally planned high rise office
Speaker 1: tower outside Camerica Park, largely due to the lack of
Speaker 1: investor interest in office space following the COVID nineteen pandemics
Speaker 1: shift to remote work one. The Little Caesars Arena Hotel
Speaker 1: is set to be the second project to break ground
Speaker 1: in twenty twenty five, after initial plans for a mid
Speaker 1: twenty twenty four start were delayed. Negotiations with a hotel
Speaker 1: man management company are currently under way. The developers are
Speaker 1: also working to meet a March twenty twenty five deadline
Speaker 1: for at least one project to break ground, as mandated
Speaker 1: by a six hundred and fifteen million dollar tax incentive
Speaker 1: approved by the city Council in twenty twenty three. This
Speaker 1: incentive requires the developers to make progress on the sites
Speaker 1: within two years to avoid termination of the agreement. The
Speaker 1: University of Michigan Center for Innovation, which broke ground in
Speaker 1: December twenty twenty three, is closely associated with the District
Speaker 1: Detroit projects. This two hundred fifty million dollar academic center,
Speaker 1: supported by one hundred million dollar donation from Stephen Ross
Speaker 1: and a land contribution from Olympia Development, is expected to
Speaker 1: create demand for new housing and fuel downtown business growth.
Speaker 1: The first residential project aims to be completed by fall
Speaker 1: twenty twenty seven to accommodate incoming UM students. In addition
Speaker 1: to these developments, Bedrock is set to initiate construction at
Speaker 1: several key locations downtown. The Cosm Detroit, a new sports
Speaker 1: and entertainment venue, is expected to start construction and potentially
Speaker 1: open in twenty twenty six. There is also movement at
Speaker 1: the long stalled failed Jail site, where Bedrock has announced
Speaker 1: a collaboration with BAMF Health on a life science innovation
Speaker 1: building featuring research, outpatient facilities, education and coworking opportunities. Five
Speaker 1: The Music Hall Expansion, a one hundred twenty five million
Speaker 1: dollar project that obtained approvals in twenty twenty four but
Speaker 1: was delayed due to financing issues, is now expected to
Speaker 1: begin construction early in twenty twenty five. Another significant development
Speaker 1: is the potential opening of a new Apple store on
Speaker 1: Woodward near the Shinola Hotel, a project that has been
Speaker 1: under construction since last summer. Furthermore, Detroit's infrastructure and public
Speaker 1: spaces are also seeing improvements. The city will witness the
Speaker 1: development of Ralph C. Wilson's Centennia Park and progress on
Speaker 1: the Gordy Howe International Bridge. These projects underscore the city's
Speaker 1: commitment to enhancing both its recreational and transportation infrastructure. In
Speaker 1: terms of public safety, preliminary numbers indicate that Detroit ended
Speaker 1: twenty twenty four with two hundred three criminal homicides, a
Speaker 1: nineteen percent decrease from the previous year and a thirty
Speaker 1: three percent drop since twenty twenty two. This trend reflects
Speaker 1: ongoing efforts to improve public safety in the city. Four Overall,
Speaker 1: twenty twenty five promises to be a transformative year for Detroit,
Speaker 1: marked by significant developments in housing, entertainment, education, and infrastructure,
Speaker 1: all of which are expected to contribute to the city's
Speaker 1: continued growth and revitalization.