DETROIT -- The largest development in years to hit Detroit’s Corktown neighborhood officially opened Wednesday as the first phase of the Elton Park project is complete. The six-building project cost approximately $150 million to finish and involved the renovation of the historic Checker Cab Building.

Elton Park, located at Trumbull Avenue, between Plum and West Elizabeth streets, features 151 residential units ranging in price from $1,020 a month for a one-bedroom apartment up to $3,200 a month for a three-story single-family home.

Soave Real Estate Group, the company behind the project, says 70% of the residential units have already been leased since the first building in the project was completed. Along with the residential space, Elton Park has roughly 11,500 square feet of retail space available for rent on site.

Detroit Mayor Mike Duggan was on hand during a opening Wednesday and applauded the work of the people involved. He said he thinks the location of the project -- directly across from the former Tiger Stadium -- will be a draw for people.

“I stand here and look and I can see the old historic stadium where Ty Cobb and Al Kaline and Willie Horton and Kirk Gibson played in the past," Duggan said. "And then you just look right up the street and you can see the train station, where Ford Motor Company is bringing the future of the automobile industry.

“The electric vehicles and automated vehicles are going to be designed in that space and Elton Park is going to be a huge part of this city’s future.”

Residents can expect indoor and outdoor parking, on-site management, Rocket Fiber Internet service, in-unit laundry, dishwashers in each unit and secured entrances.

Along with the completion of the first phase, Soave announced plans for the second phase, which involves a 3-acre piece of property behind the current development. It will included 300 residential and commercial spaces being developed.