Regions Midwest | Detroit
$1M Sale of 19th Century Retail Building to Yield New Apartment Complex
May 8, 2008

Detroit's Downtown Development Authority has just signed off on the $1 million sale of the historic Pepper Shoe Building on Woodward St. for a residential redevelopment endeavor, according to Crain's Detroit Business. A partnership that includes East Lansing's Sixty North L.L.C. plans to convert the 112-year-old structure, along with the neighboring 114-year-old Elliott Building, into a 70-unit apartment loft complex. The development team anticipates relying on a $10.8 million HUD D-4 loan to partially fund the $18 million project. If all goes as planned, the new multifamily property will likely be ready to welcome residents by spring 2010.


 
Recent Detroit Headlines
Commission to Consider Lavonia Mall Redevelopment Plan
July 03, 2008
With most of Livonia Mall's tenants having negotiated lease terminations, the road has been paved for a massive remake of the shopping center just outside of Detroit, Mich., and the Livonia Planning Commission intends to give the plan the once-over on July 15, according to Crain's Detroit Business.
Former GM Building to be Converted to $145M Arts College Campus
June 27, 2008
Vacated by General Motors nearly a decade ago, the 760,000-square-foot Argonaut Building in Detroit's New Center area is about to take on a new life, now that the College for Creative Studies has announced that it will spend $145 million to transform the property into a second campus.
BAE Plans 81-Acre Industrial Property Purchase in Sterling
June 20, 2008
BAE Systems has entered into an option with TRW Automotive to buy the former TRW Automotive Holdings Corp. plant in Sterling Heights, about 20 miles from Detroit, Mich.
$13M in State and Local Funds for $320M Mixed-Use Project in Troy
June 17, 2008
The City of Troy, as was recently announced by Michigan Governor Jennifer Granholm, will make use of state and local tax capture totaling $13 million to assist with the financing of Pavilions of Troy, a $320 million redevelopment project on Big Beaver Road, about 20 minutes outside of Detroit, Mich.
Greektown Bankruptcy Won't Stop Expansion
June 12, 2008
A month ago, the Sault Ste. Marie Tribe of Chippewa Indians agreed to sell a sizeable stake in its Greektown Casino in Detroit, Mich., to Entertainment Interests Group L.L.C. for $100 million.