Sixty apartments and 5,000 square feet of retail are planned to rise in a four-story development near Michigan Central Station.

The project being led by Detroit-based developer Woodborn Partners LLC is expected to cost $16 million, with construction beginning later this year and finishing in late 2020, according to a news release from Mayor Mike Duggan's office Tuesday morning. It's also expected to include 40 parking spaces.

In June, the city released a request for proposals to redevelop the vacant site at Bagley Avenue and 16th Street with at least 20 residential units, 20 percent of which would have to be affordable to those making 80 percent or lower ($38,000) of the area median income.

Duggan spokesman Tim Carroll said there were seven bidders: Woodborn; Detroit-based architecture firm Hamilton Anderson Associates; Novi-based Ginosko Development Co.; a joint-venture between Detroit-based Method Development LLC, New York City-based Procida Cos. LLC and Detroit-based The Diggs Group Inc.; a joint-venture between Bloomfield Hills-based homebuilder Robertson Bros. and Bloomfield Hills-based Larson Realty Group; a joint venture between Oak Park-based Blue Realty Detroit LLC and Detroit-based Volume One Studio; and Ann Arbor-based Thrive Collaborative.

The property, which is approximately 0.675 acres at 2420 Bagley Ave., sits in the shadow of the vacant train station, which Ford Motor Co. is redeveloping as part of a $740 million Corktown neighborhood campus for autonomous and electric vehicles, and adjacent to community staple Honey Bee Market.

"We look forward to creating a development that will be truly exceptional and reflective of the vibrant legacy of Hubbard Richard, Mexicantown and the entire Southwest," Clifford Brown, managing partner of Woodborn, said in a news release. "This is one more brick in building upon what are already strong neighborhoods and communities."

Brown said the number of studio, one- and two-bedroom units has not yet been determined. Neither have their average sizes or rents, he said.