Residences at Water Square rise from rubble of Joe Louis Arena on Detroit waterfront

DETROIT (FOX 2) – Standing tall – the Residences at Water Square – the 25-story, nearly 500-unit apartment building is a far cry from what once stood in the spot.

Joe Louis Arena was the home of the Red Wings for nearly four decades – has been demolished and replaced with the luxury high-rise.

“The first of its kind, all-glass residential tower right here in the City of Detroit – and let us not forget that we have the best – voted number one, river walk in the country,” said Mary Sheffield, city council president.

On this – the grand opening of the residences at Water Square.

“For the first time in decades – we are witnessing the redrawing of the skyline in the City of Detroit,” said Mayor Mike Duggan.

Duggan adds that it’s even bigger than that.

“It tells you how far we’ve come from bankruptcy, because this parcel of land was given away to a creditor in bankruptcy in 2014,” he said.

Now you’ll have to pay a pretty penny to live here – with rent around $2,000 to $5,000 a month.

“You know – I mean – I wish I could afford to live here but (laughter),” Wayne County quipped.

Joking aside – officials say the sterling group built here with no assistance – zero tax breaks.

Other projects built with tax abatements and incentives in the city have preserved or built 10,000 affordable housing units over the last 10 years.

This is not one of them – but it was built union-strong.

“A very special thank you to the over 1,000 members of the state’s union workforce for their amazing efforts to complete this project on time and on budget in just over 24 months,” said Danny Samson, chief development officer, The Sterling Group.

The Sterling Group also partnered with minority- and Detroit-based businesses for goods and services, post-construction.

“I just want to commend you all for sticking with Detroit – betting on Detroit,” Sheffield said.

“Ten years ago – 15 years ago – you wouldn’t have even thought of a high-end development on this site,” Evans said. “Things are getting an awful lot better – we all know it and we all feel it,” Evans said.”Thank you very much.”