A new 25-story glass high-rise in downtown Detroit on the former site of Joe Louis Arena had its grand opening Tuesday, just two years after construction workers broke ground.
Known as The Residences at Water Square, the 496-unit luxury apartment building features floor-to-ceiling windows with striking views of the riverfront and city skyline — along with some of the highest asking rents in the market.
The building was developed by Detroit-based Sterling Group using union construction labor and without any tax breaks or similar incentives, which is unusual. Most new Detroit developments get at least some incentives assistance to help obtain financing and close a gap between the costs of construction and attainable rents in the city.
Because no local tax breaks were involved, all 496 apartments are market-rate units with no required 20% set aside for affordable units.
The building is situated where the old Joe Louis Arena stood from 1979 until its demolition in 2019-20.
It is near a People Mover station and the Huntington Place convention center, formerly known as Cobo Hall. It also would neighbor a proposed 25-story, 600-room hotel that would connect to Huntington Place and could break ground later this year.