DETROIT, April 30, 2018 /PRNewswire/ -- Olympia Development of Michigan today announced six projects in The District Detroit, including the restoration of three vacant historic buildings and the construction of three new mixed-use buildings near the state-of-the-art Little Caesars Arena. These projects will launch phase two of development in The District Detroit while creating hundreds of new jobs, continuing the momentum of the city's resurgence and extending the Ilitch organization's decades-long commitment to development in Detroit.
This investment of nearly $200 million will bring even more office tenants, storefronts and density to the area while connecting the city's thriving Central Business District to nearby neighborhoods. These projects will bring more than 400,000 square feet of office space and nearly 70,000 square feet of street-level retail space to The District Detroit. Each building will feature new street-level retail.
"We are enthusiastically building on the incredible success of Little Caesars Arena and the upcoming opening of the new Little Caesars world headquarters campus expansion, the Mike Ilitch School of Business at Wayne State University and the launch of the Columbia Street shopping and dining destination," said Christopher Ilitch, President and CEO of Ilitch Holdings, Inc. "This new investment puts the focus on the redevelopment of historic buildings while bringing high-demand retail and office space that will contribute to Detroit's economy."
Development in The District Detroit has already created more than 20,000 construction and construction-related jobs and more than 3,000 permanent jobs after the opening of Little Caesars Arena, two-thirds of which were filled by Detroiters. These projects will continue to grow the city's economy and create new opportunities for Detroit and for Michigan.
To further its intention of self-developing these historic projects, Olympia Development of Michigan will pursue the federal, state and local incentives often necessary to make them economically viable. Initial architectural and engineering work, as well as leasing efforts, are already underway.
2210 Park Ave. – The former Detroit Life Building, a 10-story historic office building built in 1922, would be transformed into 32,000 square feet of office space and 6,000 square feet of street-level retail space just north of Columbia Street. Detroit-based Kraemer Design Group has been selected to design this $17 million renovation.
1922 Cass Ave. – This six-story, Albert Kahn-designed historic building would be renovated into 66,000 square feet of office space and 8,000 square feet of street-level retail space. With roots dating back more than 100 years, the site once included a carriage and wagon shop and later, a machine and engine shop. Detroit-based Albert Kahn Associates has been selected to design this $23 million renovation.
2110 Park Ave. – The interior of this six-story historic building would be renovated into 47,000 square feet of office space and 10,000 square feet of street-level retail space. Detroit-based Kraemer Design Group has been selected to design this $25 million renovation.
2715 Woodward Ave. – This proposed $65 million development between Little Caesars Arena and Mike Ilitch School of Business at Wayne State University would include 110,000 square feet of office space and 17,000 square feet of street-level retail space.
111 Henry St. – This proposed $20 million mixed-use office, retail and parking development would be completed with 50,000 square feet of office space and 7,000 square feet of street-level retail space. It would continue to build on the success of Henry Street's popular retail and restaurants. Previously designated as residential, this property is now envisioned as office space to meet surging demand for Class A office space in Detroit.
120 Henry St. – This proposed $48 million project would be developed adjacent to Chevrolet Plaza at the new Little Caesars Arena. The development includes 100,000 square feet of office space and 20,000 square feet of street-level retail space. Previously designated as residential, this property is now envisioned as office space to meet surging demand for Class A office space in Detroit.
Other Developments Under Study for Phase Two
The historic Blenheim Building at 2218 Park Ave. is also under early feasibility study for potential redevelopment into residential units over street-level retail space. Feasibility studies are also underway for additional hotel and entertainment developments, several of which will take the place of existing surface parking lots.
Ongoing Momentum in Detroit and in The District Detroit
Since 2015, Olympia Development of Michigan has launched more than a dozen major development projects including Little Caesars Arena; office developments for Google, the Detroit Red Wings, Olympia Entertainment and 313 Presents; four new restaurants; a team store; the Little Caesars world headquarters campus expansion; the Mike Ilitch School of Business at Wayne State University; Chevrolet Plaza and other public spaces, infrastructure enhancement and more. Together, the projects set the stage for significant additional retail, office and residential development.
Planning, partnership and financing work continues for several previously announced residential historic renovations, including 110 Sproat St. (formerly the Eddystone), 150 Bagley Ave. (formerly the United Artists Building), 408 Temple St. (formerly the American Hotel) and 100 Temple St. (formerly the Alhambra). The District Detroit continues to pursue a 20% affordable housing goal.
With the upcoming launch of the Columbia Street shopping and dining destination between the Fox Theatre and the new Little Caesars world headquarters campus expansion, Olympia Development of Michigan will continue outreach to unique local, minority- and women-owned businesses as potential retail partners. The organization also continues to have conversations with, and welcomes, world-class partners to join its residential, retail, hotel and office developments.
About The District Detroit
The District Detroit is a dynamic urban destination in the heart of Detroit. One that includes something for everyone—a dense neighborhood experience with a variety of developments alongside Detroit's premier sports and entertainment venues. Connecting downtown Detroit to growing nearby neighborhoods such as Midtown, Corktown and Brush Park, The District Detroit is having a dramatic economic impact on Detroit and is a driving catalyst of the city's remarkable resurgence. The District Detroit will deliver $1.4 billion in new investment to Detroit including the new Little Caesars Arena, Mike Ilitch School of Business at Wayne State University and Little Caesars world headquarters campus expansion. Additionally, new office, residential and retail spaces will continue to add momentum to Detroit's amazing comeback for years to come.
SOURCE Olympia Development of Michigan