The
Live Midtown campaign, which provides rental and purchasing subsidies to Henry Ford, Wayne State and DMC employees who move to the Midtown area, has already translated into success at the Studio One apartments on Woodward.
After three years,
Studio One principal Marcel Burgler reports the building has achieved a steady 96 percent leasing rate. They've signed 15 new leases since the Live Midtown incentive launched four months ago, and expect to renew 20 leases with the incentive this year.
"We have seen a significant increase in traffic," Burgler says. "They're all attributable to Henry Ford, Wayne State and the DMC. The vast majority of our people are either medical doctors or residents-in-training. It's been a great success story."
Almost 80 percent of the 124 apartments at Studio One are home to employees of Henry Ford, Wayne State and DMC employees.
"Our goal has always been to target the higher-end professional market," Burgler says. "Because, even though there's a lot of vacancy in certain neighborhoods in Detroit, Midtown is doing very well."
Due to Studio One's leasing success, Burgler reports that the building's first-floor commercial space is now 95 percent leased, with Fat Burger currently building out their space for a late spring opening. The Starter Bar & Grill chain reports its Midtown location has consistently grossed the highest sales of its three locations. Biggby Coffee, Radio Shack, Utrecht Art Supply, and Fifth Third Bank are the building's other commercial tenants.
"We have what retailers really like," Burgler says. "We're right on Woodward, We have good exposure from a traffic perspective. We're right between the major institutions in Midtown, and we have students living right behind us. There's a lot of walkable traffic, too. It's just a great location."
Interested in Studio One? Burgler says more units will come available in June and July, due to turnover from medical residents. Find out more
here.
Source: Marcel Burgler, principal, Studio One Apartments
Writer: Ashley C. Woods
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