Olympia Development Announces the First of Three Buildings in a Recently Issued Co-Development Program

Olympia Development of Michigan (ODM), has selected 475 Peterboro Street as the first of the three projects to be offered to Detroit-based developers in The District Detroit’s recently announced Co-Development Program.

475 Peterboro Street was designed in the Beaux-Arts style by the architectural firm Pollmar & Ropes and opened in 1914 as The Woodstock Apartments. The building is 47,500 square feet and originally had 71 apartments. The property is located between Cass Avenue and 2nd Avenue across from Detroit Shipping Company.

The Co-Developer Program is designed to create opportunities for Detroit-based, Detroit-headquartered, or Detroit resident-owned development companies. Qualified companies will have the opportunity to pursue the development of up to three properties.  ODM received interest from over 35 developers in 475 Peterboro and invitations have been extended to 10 of those developers to participate in the next phase of the Request for Proposal (RFP) process.

“The Co-Developer partnership is the highest and best reflection of who we want to be as Detroit-based developers. To work with local developers and trades to restore historic buildings into new housing in the city truly defines our purpose and reminds us of what we can do together,” said Keith Bradford, President of Olympia Development of Michigan and The District Detroit. “Detroit is full of opportunities, and we are proud to be a part of this city’s bright future.”

As part of The District Detroit Community Benefits Agreement (CBA), ODM agreed to lead an additional Co-Development Program.  ODM has other Co-Developer partnerships underway at The Residences @ 150 Bagley (formally known as The United Artist Building), 64 Edmund Place and Henry Street Apartments.

“We are proud of The District Detroit’s Co-Development Program and the opportunity to work with more Detroit based developers,” said Rian English Barnhill, Vice President of Government and Community Affairs at Olympia Development of Michigan. “It is important to us that we work with community-minded partners who are committed to Detroit.  This will benefit the community and further advance our city.”

The 10 invited bidders for 475 Peterboro Street have a deadline of September 30, 2024 to respond to the RFP.

The District Detroit’s CBA Co-Development Program consists of two other properties: 81 W. Columbia Street and 44 & 48 W. Adams.  Invitations will be extended to developers interested in the next selected site by October 31, 2024. More information on the Co-Development Program can be found at TheDistrictDetroitOC.com/RFP.

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