American commercial property management firm Bedrock Real Estate Services plans to construct a new apartment building in Capitol Park district, Detroit.

To be designed by Kraemer Design Group, the proposed ten-storey building will contain around 175 new apartments in a glass-fronted structure, as well as mixed-use space for retail or commercial.

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The building will be constructed mainly on the site of a parking lot at the north-east corner of Griswold and Grand River.

Detroit Historic District Commission has approved the company’s plans to demolish a burned-out building currently at the project site in order to provide space for the proposed construction.

“[The project] will provide a much-needed addition of residential property in the heart of downtown Detroit’s historic Capitol Park district.”

Construction on the apartment building is slated to begin in the early part of this year and to be ready for occupancy by late 2016.

Bedrock Real Estate Services Real Estate Development director Steve Ogden was quoted by The Detroit News as saying: “This would be our first construction of residential downtown.”

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Bedrock Real Estate Services principal Steve Rosenthal said the project “will provide a much-needed addition of residential property in the heart of downtown Detroit’s historic Capitol Park district.

“We look forward to sharing more details about this exciting new development in the coming weeks and months.”

Bedrock Real Estate Services and its founder Dan Gilbert have so far invested around $1.6bn in downtown Detroit and owns 70 properties across the city.