The 7.2 square mile area known as “Greater Downtown” witnessed a boom of new business in 2016, primarily bars and restaurants, according to the Detroit News. This represents significant confidence in Downtown Detroit and its surrounding neighborhoods by developers and residents alike. Among the highlights of these new developments is the new Little Caesars arena which will serve as home to the Detroit Red Wings and Pistons. The massive project which is slated to cost around $400M is expected to bring a significant economic boost to downtown Detroit.

Housing demand continues to remain stable in the downtown area, with an increased need for quality affordable housing. Neighborhoods like New Center and Midtown are also benefiting from the increased development, a trend that shows no signs of slowing down any time in the near future. While the resurgence of downtown is making waves, other parts of the city aren’t getting as much press. Experts expect that the other 132 square miles in Detroit will eventually benefit from this economic development. We have seen some positive indicators on this front, with major retailers coming back into the city limits. Most notably the supermarket giant Meijer, which has opened two stores in Detroit over the past 3 years.