November 22, 2013 --

A $60 million apartment, retail, hotel and conference center is slated for Midtown following approval Friday by the Wayne State University Board of Governors.

The board approved a memorandum of understanding and long-term lease with Broder & Sachse Real Estate Services, which will develop the 1.5-acre site at Cass and Canfield that is now a parking lot.

The project is proposed to include 248 apartments, 19,000 square feet of retail space, a hotel with up to 120 rooms and a conference center with capacity for 300 people.

"In addition to providing much-needed housing and hotel and conference facilities, this project will enhance the connection between our main campus and our medical campus, as well as further promote Midtown as a walkable and bikeable neighborhood," said WSU President M. Roy Wilson. "Wayne State remains committed to being a leader and catalyst for economic growth in Detroit."

Construction is expected to start late next fall, with completion by 2016.

The complex is expected to be near the car-sharing service Zipcar and a proposed M-1 light rail stop.