On Tuesday, the Detroit City Council approved a Neighborhood Enterprise Zone (NEZ) tax abatement for an unnamed 96-unit development in Detroit, that is widely believed to be The Residences at the Detroit Edition, which will be the for-sale condos in the new Hudson’s Detroit Tower.

The Detroit Planning Commission sent a memo to City Council outlining the NEZ request saying the average unit would measure around 1,667 sqft and the expected sales prices for the units would run in the $1,000/sqft range.

HUDSON'S DETROIT WILL HAVE PRICES TO MATCH THE ALTITUDE

In 2024, Crain’s reported that prices for the units, located on floors 26-45, were expected to range from $550,000 to around $3 million.

Of course, those prices aren’t unheard of for Metro Detroit - or even dramatically far off from what we’ve already seen in recent years.

Back in 2023, a unit in the recently completed Exchange building near Gratiot and Brush, sold for roughly $900/sqft.

In suburbs like Birmingham, units in several of the new buildings near downtown have closed north of $900/sqft, with one soaring to over $1,200/sqft.

For context, the average new construction condo sale in Downtown Detroit is closer to $330/sqft, with the average new construction condo price around Metro Detroit in the $200-$300/sqft range (depending on specific product and location).

Regardless, The Residences at the Detroit Edition will likely set a new high-water mark for real estate in Downtown Detroit.

You can read more about the NEZ approval via Crain’s - or reach out to usdirectly, to learn more about the project!

Pictured at top: high life.

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