Regions Midwest | Detroit
$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. Richardson Development Group Inc. is behind the project, which calls for the demolition of a former Kmart headquarters on a 40-acre site to make way for a new pedestrian-friendly development with 440,000 square feet of commercial and retail space, 132 residential units and a 3,000-seat theater. The project will also yield a public ice skating rink, as well as parking accommodations.


 
Recent Detroit Headlines
Chrysler to Expand Detroit Plant with 285,000-SF Addition
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Chrysler L.L.C. has announced that it will develop a 285,000-square-foot building at its Jefferson North Assembly Plant in Detroit as part of its planned $1.8 billion investment in new vehicle programs.
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Detroit Industrial Market Remains Strong
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According to the Midyear 2008 National Industrial Report by Marcus & Millichap, industrial property operations in Detroit will be challenged this year, even as restructuring efforts by the Big Three automakers are beginning to ease, and the metro is projected to shed fewer positions than during each of the past two years.