Detroit riverfront apartment tower opens in sign of 'how far we've come'

Detroit — Two years after breaking ground, the owners of the Residences at Water Square celebrated the opening Tuesday of the 496-unit high-rise apartment building along the city’s riverfront.

On the site of the former Joe Louis Arena, developer Sterling Group built from the ground up a 25-story, glass exterior building with expansive views of downtown Detroit and Canada. The Detroit-based firm broke ground on the property on Third Street in February 2022.

“Just a short 24 months later, our first residents will be moving into their new homes officially as the doors open today,” Danny Samson, chief development officer of Sterling Group, said Tuesday. “Another wonderful addition to the Detroit skyline.”

Samson said the company’s goal was to create something that didn’t exist in the market and set a new standard for downtown and riverfront living. He was joined Tuesday by other company officials and local government officials.

The project redraws the city’s skyline for the first time in decades, Mayor Mike Duggan said Tuesday.

“This tells you how far we’ve come from bankruptcy,” he said.

Duggan recalled how the parcel was given to a creditor, bond insurer Financial Guaranty Insurance Co., in Detroit's municipal bankruptcy in 2014. While not a bad company, he said, they weren’t developers and didn’t know what to do with the property, which was the longtime home of the Detroit Red Wings. The venue opened in 1979 and hosted its last event, a concert, in 2017.

“But we had a company from Detroit that loved Detroit and saw the vision,” he said. “And when the Torgow family and the Sterling Group proposed to take over this property and build on it, they had the complete support of my administration and the city council because we knew their reputation. We knew the quality.”

The all-glass-exterior building features studios, one-bedroom units and two-bedroom penthouses. The two-bedroom penthouses were already leased prior to the building’s opening, according to management. According to the company's web site, available apartments range from $2,350 a month for a 586-square-foot studio to $4,775 for a 784-square-foot one-bedroom corner unit.

“This apartment building is a high-end apartment building,” Duggan said. “It’s for people who are paying a very large amount of rent. And the city that we want to build is a city where there's room for people of all incomes, that there should be residences for people at high income and there needs to be residences for those of lower income and it's an interesting thing."

Duggan noted that the project received no tax incentives and the developer did not ask for any assistance.

Each apartment features quartz countertops, custom Italian cabinetry and closet systems, stainless steel appliances and in-unit washer and dryers. The common areas include a fitness area, pool and rooftop deck with a fire pit and grilling station.

“The experience that we’re offering here is a fully top-tier customer service-driven building,” said Lyndsey Battles, general manager of the Residences at Water Square. “Down to our concierge who will greet them when they enter or the valet attendant that will take care of that car and get that parked for them as soon as they arrive home. So very seamless living here. With the extension of the amenities ... they have their 24-hour fitness pool location. We'll have a coffee bar down on the main floor, full pet washing, grooming station, and we have this beautiful 25th floor sky deck and lounge up here. A fully amenitized-driven building.”

The location is also a draw, Battles said.

"You get the iconic Joe Louis Arena site,” she said. “Living in such an iconic piece of land in Detroit history sets itself apart just that way. It's nice because we are just within walking distance to all of the great things that our beautiful city downtown has to offer. Whether that be food or festivals, concerts, all within walking distance right here, especially being the number one riverfront.”

cwilliams@detroitnews.com