Detroit Commercial Real Estate Revived through Green Initiatives

By Veronica Grecu, Associate Editor

The Elevator Building, one of Detroit’s historic landmarks currently offering office and retail space, will undergo major roof transformations with the help of Novi, Mich.-based SRI Energy, a company offering green energy solutions to socially responsible individuals and organizations. In an effort to fulfill the mission set by The Detroitist Group, the building’s owners, SRI Energy, will install solar panels on the south-facing roof in August, reports HometownLife.com.

According to Randy Lewarchik from The Detroitist Group, the solar panels will be used to generate electricity for common areas such as the kitchen and showering facilities that are used by the tenants. The payback for the installation of the solar photovoltaic system is expected to take fewer than 10 years through incentives received from the federal government and DTE Energy’s SolarCurrents program. HometownLife.com points out that the redevelopment project will be financed by SRI Energy through GE Money so that the monthly payments issued by the owners will be less than the monthly energy costs.

In other commercial real estate news, Whole Foods recently signed a lease for 20,000 square feet at the property on the northwest corner of Mack Avenue and John R Street. The transaction was announced this week by Ram Real Estate, the site’s owner and developer. According to the press release, Ram is ready to launch the final phase of its Midtown Detroit development and estimates that the project will be completed by the end of 2012 or early 2013. Ram will secure the building permits and the financing needed to develop the site, which is expected to help revitalize the neighborhood.