There has been a serious effort made by Detroit business leaders and developers to bring prominence and commerce back to their city. Many projects have been launched in an attempt to make Detroit one of America's great cities once again. The historic Broderick Tower is receiving a significant renovation, making it the city's newest piece of residential real estate. This improvement is generating a lot of interest and optimism.

For several years the Broderick Tower has been essentially empty. A Detroit developer saw tremendous potential in this downtown property, so he took all the necessary legal steps to get the project started. After the initiative is completed, a total of $53 million will be reinvested in the building, making it prime real estate.

Ever since its construction in 1927, the building has been a staple of the downtown area. The city since has undergone many changes, but people are eager to be a part of the blossoming downtown community once again. All of the Broderick Tower's penthouses were leased within a week of them becoming available.

This is further evidence that the investments made by residential and commercial real estate developers are paying off. Downtown Detroit is again a hotbed of activity, business and community leaders say.

Certainly, there are challenges to reinvigorating Detroit, but the right people are taking action. As the popularity of this residential area grows, developers should seek proper advice from an experienced attorney as to how they can acquire property and contribute to the community's efforts. Tremendous steps taken by those at the Broderick Tower are hopefully a sign of what is to come in Detroit's residential and commercial real estate market.

Source: WJBK FOX 2, "Detroit's Vacant Broderick Tower Getting New Life as Apartment Building," Jan. 18, 2012