DETROIT — A $27 million project marks a key step in efforts to redevelop the eastern portion of the Detroit riverfront.
The city of Detroit announced Wednesday that the vacant Stone Soap building will be redeveloped by Detroit-based developer Banyan Investments. Plans call for it to be turned into a mixed-use site with three to six additional stories on top of the building.
The project will include 63 new condominiums and residential rental units, including some earmarked as affordable housing. The project also includes new retail space and new, permanent performance space for the group Shakespeare in Detroit.
The area along the Detroit River is being transformed for residential, business and recreation use from blighted, formerly industrial property. New developments are expected to house thousands of people.