Detroit Recovery Continues with Approval of Four New Projects
- May 04, 2012
Over the last months Detroit’s recovery effort has become more visible and the four renovation and redevelopment projects approved at the end of April show that the City is not that far from becoming the hot spot for investments.
The Detroit Brownfield Redevelopment Authority (DBRA) approved no less than three projects, all of them located in the Downtown area, Detroit Free Press reports. Local development company the Roxbury Group gained pre-approval for a $2 million tax credit as part of a $12.5 million plan to renovate the soaring Globe Building located at 1801-1803 Atwater Street. Built in 1888 by wealthy Detroiter Alexander Chapoton, the Globe Building served as an automotive manufacturing and foundry facility until 1950, and then it became a warehouse. The facility was listed on the National Register of Historic Places in 1984 and has been vacant since 1991.
According to Detroit Free Press, DBRA also approved a new 140-unit luxury residential building in Harbortown and a medical supply warehouse and distribution center near the Henry Ford Hospital complex.
The fourth project was approved by a consortium including the Detroit Downtown Development Authority (DDA), Invest Detroit, Michigan Economic Development Corporation (MEDC), the Michigan Land Bank Fast Track Authority, and Wayne County and concerns the redevelopment of three empty buildings surrounding Capitol Park Historic District. The project’s designated contractor is Karp and Associates for the Capitol Park Building at 1145 Griswold Street and the former United Way Building at 1212 Griswold Street. The approval for a third structure, the Farwell Building at 1249 Griswold (pictured), is expected to be granted by the Michigan Land Bank Fast Track Authority by next month, according to an official statement.
Estimated to cost nearly $85 million, the 300,000-square-foot mixed-use project will include a total of 204 loft-style market-rate apartment units and up to 45,000 square feet of ground floor retail and office space.
Click here for more market data on Detroit.
Picture courtesy of Andrew Jameson (Wikimedia Commons)