Wayne State University is celebrating the grand opening of the first major market-rate residential project of its kind in Detroit in more than 30 years -- South University Village's Studio One Apartments. A ribbon-cutting ceremony will be held at 2 p.m. Tuesday, July 29, on the site at 4501 Woodward Avenue in Detroit.

Wayne State's role as a leader in the South University Village project represents the university's overall commitment to economic development in Midtown, Detroit and Michigan.

The project's location on four acres at the former site of the old Vernors ginger ale factory, will be a commercial corridor marked by residential facilities such as Studio One Apartments, as well as shops, restaurants and anchor tenant Fifth Third Bank.

Wayne State also built and financed a four-level parking garage connected to the apartment building to accommodate the residential/retail complex, the general public and the university. The 950-space garage, on Forest Avenue, also includes first-floor retail.

WSU and Prime Development, the Grand Rapids-based developer of Studio One Apartments, embarked on the university's first private/public real estate venture in March 2007 when they broke ground on the $36 million project.

According to Wayne State University President Irvin D. Reid, Wayne State's involvement as a lead partner in the development of Midtown also has been an economic boost to Detroit. "The South University Village projects have created 195 construction jobs, and will eventually lead to 50-150 permanent jobs among the retailers on site," Reid said. "Wayne State University has demonstrated the way in which private/public partnerships can be catalysts for economic development and renewal in an inner city."

The grand opening of South University Village and Studio One Apartments marks Reid's last ceremonial ribbon-cutting at Wayne State, from which he will step down as president on August 1, 2008. During his 10 years as president of the university, Reid presided over a total of 15 groundbreaking ceremonies for new buildings, building expansions and campus infrastructure improvements that totaled nearly a billion dollars in economic investment - made possible in part by the success of WSU's Wayne First Capital Campaign.

In addition to Wayne State, development partners included the Michigan Economic Development Corporation (MEDC), the Detroit Economic Growth Corporation (DEGC), TAKTIX, a Detroit-based real estate consulting company, Grand Rapids-based Prime Development and a number of private and public corporations and foundations.

DEGC President George Jackson and Mayor Kwame Kilpatrick believe the South University Village project signals a further development of Midtown around Wayne State that will energize the area and enrich the community. "South University Village demonstrates what happens when major stakeholders such as Wayne State University and its partners embark on a shared vision," Jackson says. "The DEGC believed in the project's merits and was excited to open the doors to its success."

Phase Two of the South University Village project will add another $20 million of new construction in 2010-2012 with a second five-story apartment or condominium project along Canfield just west of the The Whitney Restaurant. Overall, South University Village represents more than a $50 million investment in the city of Detroit over the next five years.

Wayne State University is a premier institution of higher education offering more than 350 academic programs through 11 schools and colleges to nearly 33,000 students.