David Grasso plans residential, retail on the Detroit parking lot site

Project still in "early stages of planning"

Developer still considering size of West Grand, Woodward project

A Philadelphia developer who has been considering a high-rise in Detroit's New Center area has purchased a West Grand Boulevard surface parking lot with plans for another mixed-use project.

David Grasso, the CEO of Grasso Holdings LLC, said he is planning a development with first-floor retail space and residential units above it, plus a parking structure at 2974 W. Grand Blvd. between Second and Third avenues.

He declined to reveal how many residential units or stories he envisions for the project, but said "the zoning permits something very substantial, but we are in early stages of planning."

"Hoping to get in the ground in late 2018 with completion in mid 2020," he said in a text message Wednesday morning.

Southfield-based Bernard Financial Group arranged a $319,000 loan from First Independence Bank for the 0.35-acre surface parking lot purchase. New Center Council Inc. was the previous owner, according to city property records.

In the spring, Crain's reported that Grasso was under contract to purchase property from Midtown Detroit Inc. at the southwest corner of West Grand Boulevard and Woodward Avenue and was considering building a mixed-use high-rise building there. He has since closed on that purchase.

This summer, Grasso said he was considering a development of up to 35 stories there, but had not made a final determination about how large he expects it to be.

"More clarity" is expected on that project in the first quarter next year, he said Wednesday.