A 231-unit mixed-use building, The Boulevard, has officially opened in New Center on the site of a former surface parking lot.

Built by the Platform at a cost of $60 million, it’s being hailed as the first major residential development in the neighborhood in a generation. Its 356,000 square feet is spread across six stories, plus 330 underground parking spaces.

“It took longer to build than we thought it would and it cost more, and that’s the bad news,” Peter Cummings, CEO of The Platform, said at a grand opening event. “The good news is we have a great finished product.”

Construction on the building, formerly called Third & Grand, was originally expected to finish by the end of 2018.

The apartments at the Third Avenue and West Grand Boulevard building are a mix of studios, one-, and two-bedroom units with a variety of floor plans for each type. They range in size from 534 to 1,185 square feet. Some come with an extra den, many have balcony access, and all have walk-in closets, kitchens with granite countertops, and in-unit laundry.

The building also has a fitness center, lounge room, barbecue terrace, and interior courtyard.

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Market rate units start around $1,600 per month and rent up to $2,725 for a two-bedroom, two-bath. The building does fall under the city’s Inclusionary Housing Ordinance, which requires that 20 percent of the units be available to those making 80 percent of the area median income or less (around $45,000 per year). Those “affordable” residences are evenly distributed throughout the unit types.

Around 30 units are currently occupied, according to The Platform.

The Boulevard also has 17,500 square feet of ground floor retail. A Comerica Bank branch has already opened, with an Orangetheory Fitness and Beyond Juice opening in the next month.

“The idea that someone would need to build 231 new residential units in the New Center area to accommodate people shows how much progress is being made here,” Mayor Mike Duggan said at the opening event.

This project is one of many being worked on by the Platform in the greater New Center area. It’s also redeveloping a former cold storage building on East Grand Boulevard into a coworking space and food hall, an Albert Kahn–designed building at 6001 Cass Avenue into office space, and more. Cummings said the Platform’s total investment in the area could reach $500 million.

Nearby, the Motown Museum has broken ground on a $50 million expansion, the Detroit Pistons recently opened its new headquarters, and Henry Ford is constructing its massive Brigitte Harris Cancer Center.