In the past few years, a number of apartment buildings have cropped up in the downtown Detroit area. That’s the good news.
One not-so-promising sign is that one of the newer apartments — 288 units at 313 Park Ave., the site of the former Statler Hotel at Grand Circus Park — is now under a court-appointed receiver after defaulting on a $78.5 million loan, Crain’s Detroit Business reports, citing Wayne County Circuit Court documents. The end result is likely to be a sale of the property.
Housing developer Jonathan Holtzman of Farmington Hills–based City Club Apartments LLC, who owns the City Club Apartments CBD Detroit building, told Crain’s that reasons for the financial woes include the COVID-19 pandemic and related problems such as eviction moratoriums, elevated interest rates, work-from-home policies and job losses…