(CBS Detroit)– A sign of growth and change is how a new project replacing the Joe Louis Arena is being described by the CEO of Downtown Detroit Partnership.

Eric Larson said the 25-story, 500-apartment unit will meet the demand for residential housing in the downtown area.

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“I think what you’re seeing in terms of this commitment to residential and overall investment in the downtown is people from around the world recognize Detroit as a place that not only is a great place to visit, but it’s a great place to invest,” Larson said.

Construction on the project started earlier this year and is set to be complete in the spring of 2024.

It’s one of eight development projects currently underway in the downtown area and one that’s helping lead a rebirth of downtown, Larson said.

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“The more people that are actually living and working in the city, the better opportunities there are for small businesses and for businesses to actually grow and flourish,” he said.

But Jim, who didn’t want to give us his last name, has mixed feelings about the apartments replacing the arena and others taking shape downtown.

He believes more investment is needed in the city’s poorest neighborhoods.

“There are literally miles a of just lots that are vacant or houses that need to be torn that are burnt and nobody has cleared that yet,” Jim said.

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