{"id":1004066469,"date":"2013-01-30T12:17:37","date_gmt":"2013-01-30T20:17:37","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=99325"},"modified":"2020-05-18T13:21:40","modified_gmt":"2020-05-18T21:21:40","slug":"whitney-building-redevelopment-plan-backed-by-8-5-million-state-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/whitney-building-redevelopment-plan-backed-by-8-5-million-state-financing\/","title":{"rendered":"Whitney Building Redevelopment Plan Backed by $8.5 Million State Financing"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Veronica Grecu, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\">The plan to transform Detroit\u2019s historic David Whitney Building into retail, apartments and  a boutique hotel is moving forward with $8.5 million in state financing in addition to the $82.5 million investment secured by developer David Di Rita at the end of 2012.<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/DavidWhitneyBuildingDetroit.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-99357\" title=\"DavidWhitneyBuildingDetroit\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/DavidWhitneyBuildingDetroit.jpg\" alt=\"\" width=\"223\" height=\"300\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">Located at 1553 Woodward Avenue \u2013 now <strong><a href=\"https:\/\/www.multihousingnews.com\/cities\/detroit-cities\/five-downtown-detroit-buildings-add-to-dan-gilberts-real-estate-portfolio\/1004070839.html\" rel=\"nofollow\">a hot spot in Detroit<\/a><\/strong> \u2013 the 19-story office building was designed in a Neo-Renaissance style and opened in 1915. After staying vacant for more than a decade, in March 2011 the property was acquired for $3.3 million by local real estate development company The Roxbury Group.<\/p>\n<p style=\"text-align: justify;\">According to <em>MLive.com<\/em>, shortly after closing on the transaction the developer revealed plans to convert the landmark building into 108 rental apartments, 7,000 square feet of ground-level retail space and a 135-room Aloft Hotel, part of Starwood Hotels &amp; Resorts Worldwide.<\/p>\n<p style=\"text-align: justify;\">The newly approved financing is part of a larger set of incentives approved last week by the Michigan Strategic Fund. It consists of a $7.5 million performance loan and a $1 million Community Revitalization Program performance-based grant. The $8.5 grant comes after a $9.8 state brownfield redevelopment tax credit and another $12.4 million in state historic tax credit, as reported by <em>The Detroit News<\/em>.<\/p>\n<p style=\"text-align: justify;\">The state incentives are earmarked for 14 companies that are expected to expand and generate more than $1.1 billion in investments and add nearly 5,000 jobs in Michigan.<\/p>\n<h6 style=\"text-align: justify;\"><em>Image credits to Wikipedia author Mike Russell<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>The plan to transform Detroit&rsquo;s historic David Whitney Building into retail, apartments and boutique hotel is moving forward with $8.5 million in state financing that adds to the $82.5 million investment announced by developer David Di Rita at the end of 2012.<\/p>\n","protected":false},"author":258,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1495,21742],"tags":[1815],"class_list":["post-1004066469","post","type-post","status-publish","format-standard","hentry","category-detroit","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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