DETROIT, MI – A $60 million mixed-use development is in the works for a 1.5-acre parking lot owned by Wayne State University at Cass Avenue and Canfield Street in Detroit’s Midtown neighborhood.

The Wayne State University Board of Governors voted Friday for WSU to enter a memorandum of understanding and long-term lease with Birmingham, Mich.-based Broder & Sachse Real Estate Services, after soliciting requests for proposals (RFPs).

The nine-floor development, expected to be complete in 2016, calls for 248 market-rate apartments, 19,000 square feet of ground-floor retail space, a 120-room hotel and a conference center.

“In addition to providing much-needed housing and hotel and conference facilities, this project will enhance the connection between our main campus and our medical campus, as well as further promote Midtown as a walkable and bikeable neighborhood,” WSU President M. Roy Wilson said in a statement. “Wayne State remains committed to being a leader and catalyst for economic growth in Detroit.”

The university notes in a release that the development will be near a proposed M-1 Rail stop as well as a Zipcar car-sharing service, and will help alleviate pent-up demand for housing in the Midtown neighborhood, which has a 97 percent occupancy rate.

WSU has hired Detroit-based Taktix Solutions to help select a construction company for the project.

“Broder & Sachse Real Estate is very excited about partnering with Wayne State University in developing a groundbreaking, state of the art, hip, dynamic mixed use development in Midtown Detroit,” Todd Sachse of Broder & Sachse Real Estate said in a statement. “The demand and rapid growth in Midtown and Downtown Detroit makes the timing for this development optimal. We know this will be a great asset for the university and the community.”

David Muller is the business reporter for MLive Media Group in Detroit. Email him at dmuller@mlive.com or follow him on Twitter or Facebook.