Work on $30M Class A Office Building in Midtown to Begin in August
- Apr 10, 2013
By Veronica Grecu, Associate Editor
In an effort to add more high-end office space to Detroit’s brisk Financial District, locally based Queen Lillian Development LLC will kick-start in August a new Class A commercial facility that’s being marketed as the Midtown Professional Building.
Located at 3439 Woodward Avenue, the five-story building will be Queen Lillian Development’s second project in the city. As reported by Crain’s Detroit Business, the company recently finished constructing the $18.4 million Medical Office Building at Tolan Park, a LEED certified, 64,000-square-foot facility designed by Hamilton Anderson Architects where doctors and researchers from the Wayne State University are expected to start moving in.
According to MLive.com, the $30 million Midtown Professional Building is financed by Talmer Bank and Trust of Troy, MI, and by Chicago-based Mesirow Financial, as well as by a mix of tax exemptions from the Michigan Economic Development Corp. and the Detroit Economic Growth Corp. The 75,000-square-foot building designed by the same architecture firm will sit on a 1.67-acre parcel purchased by the developer from the City of Detroit following a Request for Proposal (RFP) that required a minimum bid of $1.3 million.
Queen Lillian Developments is expected to complete the Midtown Professional Building in fall 2014, when the site is expected to be 60 to 70 percent occupied by businesses that are currently based outside the Financial District or in the suburbs. According to the building’s official website, the 10,000 square feet of retail space is available for lease at $30 per square foot, while the lease rate for the remaining 65,000 square feet of office space was set for $24 per square foot.
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Rendering of the Midtown Professional Building via http://midtownbldg.com/