A $136 million development on the east Detroit riverfront would bring 360 apartments and a 120-room hotel to the area.

It's one of the latest in a string of waterfront investments attempting to capitalize on tens of millions of dollars spent on the Detroit RiverWalk and other projects in recent years, radically transforming the area.

The project by Detroit-based City Growth Partners LLC would also include 30,000-40,000 square feet of retail space and a boutique hotel, said Moddie Turay, founder and principal partner and a former Detroit Economic Growth Corp. executive.

The Economic Development Corp., which is staffed by the DEGC, approved Tuesday morning transferring development rights to the 3.1-acre property bounded by Atwater, Franklin, Riopelle and Rivard streets from St. Louis-based McCormack Baron Salazar Development Inc. to an entity affiliated with City Growth Partners.

The purchase price was $5.61 million.

Construction is expected to begin in the first quarter of 2020 and take at least two years to complete, Turay said. The project's capital stack is to include developer equity, Community Revitalization Program funding and a traditional construction loan.

Apartment rent is expected to be around $2.50 per square foot, or $2,500 per month for a 1,000-square-foot unit, and 20 percent of the 360 units will be designated as affordable to those making up to 80 percent of the federally designated area median income of those in the Detroit-Livonia-Warren Metropolitan Statistical Area.