A large, skyline-changing residential development is under consideration for the southwest corner of Woodward Avenue and West Grand Boulevard.

Nothing is finalized and any possible groundbreaking would be months away, or even longer, but if it is a development of the magnitude being discussed — 20 stories or more — it would be another cornerstone cementing the QLine's draw for large mixed-use development along its 3.3-mile route.

A high-rise is just one of the possibilities for the site, said David Grasso, CEO of Grasso Holdings Inc., which is behind an entity called 6565 Woodward Holdings LLC that is under contract to purchase the property from Midtown Detroit Inc. It was registered in January.

"I am considering a number of different development plans for that property," he said last week. "I'm also considering developing just the existing building, and not something large. I'm studying all the options."

According to a 2016 story in Philadelphia magazine, Grasso's wide-ranging business interests include restaurants, apartment hotels and co-working space.

He said he has been in real estate for 25 years and has developed projects in Philadelphia; New York City; Washington, D.C.; Baltimore; New Jersey; and Florida.

This isn't his first foray into Detroit, which he likened to his hometown of Philly.

"Detroit reminds me of Philadelphia 15 years ago," he said. "There are so many similarities. It started with arts and culture, then empty-nesters started moving in, and young people started moving in."

Grasso Holdings had the Gabriel Richard Building on Michigan Avenue downtown under contract but it ultimately was purchased by Joe Barbat. A source said he also had a pair of apartment buildings at Martin Luther King Jr. and Cass avenues and on Charlotte Street totaling about 90 units but never closed on them.

If a new development there happens to the scale being discussed, it would rival 15-story Cadillac Place and the 28-story Fisher Building for prominence along the Grand Boulevard corridor, where developers including The Platform LLC, run by Peter Cummings and Dietrich Knoer, have staked a claim to large residential projects capitalizing on new streetcar transportation coming to the area as well as demand for new apartments.

The project faces any number of potential snags, the largest of which is securing financing in a greater downtown market that has seen lots of development interest from local, national and international players but still almost always requires gap financing and incentives to make projects work financially.

Perhaps most immediately, a purchase agreement for the property could fall through, as well.

Multiple messages to Midtown Detroit were not returned.

Midtown Detroit purchased the property in 2015 as part of a broader strategy to reshape the streetcar path's northern edge.

It was part of a large deal that included 11 buildings totaling about 64,000 square feet along Woodward between Milwaukee Street and Grand Boulevard.

Sue Mosey, executive director of Midtown Detroit, said two years ago that the buildings, which range from 1,072 to 25,092 square feet, were expected to be converted into mixed-use with retail, multifamily residential and perhaps even boutique hotel space.