|The Detroit Downtown Development Authority (DDA) and a group of
other economic development agencies have selected Karp and Associates
of Lansing, Michigan, to redevelop three vintage buildings surrounding
Capitol Park in downtown Detroit. The area one block west of Woodward
Ave. is considered a prime location for a mixture of residences,
offices and retail stores.|
The DDA formalized the decision
today by authorizing development agreements with Karp and Associates
for the Capitol Park Building at 1145 Griswold and the former United
Way Building at 1212 Griswold. The Michigan Land Bank Fast Track
Authority is expected to authorize a similar agreement for the third
building, the Farwell Building at 1249 Griswold, when it meets next
The Capitol Park redevelopment consortium includes the DDA, Invest
Detroit, Michigan Economic Development Corporation (MEDC), the Michigan
Land Bank Fast Track Authority, and Wayne County. "With three buildings
in the hands of the consortium, we had a chance to create a significant
opportunity for the right developer and to reach a 'critical mass' of
new investment that will transform this key district," said George W.
Jackson, president and CEO of Detroit Economic Growth Corporation
(DEGC), which provides staff for the DDA.
"We are truly honored to have been awarded this redevelopment
opportunity and thrilled to be part of exciting efforts to rebuild the
great city of Detroit," said Richard Karp, a Detroit native and
managing partner of Karp and Associates. "Make no mistake. Mixed-use
historic rehabilitation is hard work - far from garden-variety real
estate development. Our firm has more than 20 years of successful
experience at exactly that, and we look forward to bringing our
expertise and proven track record to Michigan?s largest city."
Rehabilitation of the three buildings is projected to cost about $85
million. Karp and Associates? proposal calls for constructing posh,
market-rate loft apartments, with retail and office space on lower
floors of the multi-story edifices, which collectively comprise
approximately 300,000 square feet.
"This is another home run for Downtown," said Mayor Dave Bing. "The new
apartments will address our shortage of housing there, and the retail
and office space will continue the great momentum we have establishing
Detroit as a great place to live, work and play."
Capitol Park has deep roots in Michigan history. The state's first
Capitol Building was built there and, for much of the 19th and 20th
centuries, the district enjoyed a vibrant mix of office, hotel and
retail businesses and residences. As a development site, it is located
in a key position between the Woodward Corridor and Michigan Avenue.
The triangular park that is the focus of the neighborhood has recently
been refurbished with new amenities.
"Capitol Park is a transformational project that will serve as the next
building block for the continued revitalization of the Downtown," said
David Blaszkiewicz, president of Invest Detroit. "The redevelopment of
Capitol Park represents the culmination of the significant efforts of
many individuals and economic development partners. Their shared vision
and focus to create density and sustainable revitalization in the
district will have a great impact on the community."
The Michigan Land Bank Fast Track Authority, a member of the
consortium, acquired the Farwell Building at 1249 Griswold with federal
funding from HUD's Neighborhood Stabilization Program. "We are excited
about working with Detroit Economic Growth Corporation and our other
partners in the redevelopment of Capital Park," said Kim Homan,
executive director. "The Michigan Land Bank looks forwards to working
with our local partners to identify viable projects that will support
economic development within the city of Detroit."
Wayne County Executive Robert A. Ficano said, "This project underscores
the benefits of collaboration - putting together a funding package and
helping to identify a developer was truly a team effort for a project
that will bring new vibrancy to an area rich with history. These
projects are never easy but the rewards will be there for generations
Detroit Economic Growth Corporation. DEGC is a
non-profit organization that serves as the lead implementing agency for
business retention, attraction and economic development initiatives in
the city of Detroit. DEGC is led by a 60-member board comprised of
business, civic, labor and community leaders. Its 40 professionals
provide staff services for key public authorities that offer tax
credits and other forms of financing for projects that bring new jobs
or economic activity to the city. Among them: the Downtown Development
Authority (DDA), Detroit Brownfield Redevelopment Authority (DBRA),
Economic Development Corporation (EDC), Neighborhood Development
Corporation (NDC), Local Development Finance Authority (LDFA), and Tax
Increment Finance Authority (TIFA). DEGC also provides planning,
project management and other services under contract to the City of
Karp and Associates.
With offices in Lansing, Detroit, Flint and Toledo, award winning Karp
and Associates is known throughout the historic rehabilitation industry
for the exemplary quality of its construction. Lofts built by the firm
typically feature granite countertops, stainless steel appliances,
polished porcelain flooring and spacious floor plans conspicuous in
their attention to detail. Earlier this year, Karp and Associates
completed a $20 million redevelopment project ? The Standart, in
downtown Toledo?s fabled warehouse district, (www.standartlofts.com) and in late 2010, completed a $40 million historic rehab of The Durant Hotel in downtown Flint (www.thedurant.com).
Invest Detroit Foundation.
Invest Detroit is a leading source of private sector gap financing that
utilizes a variety of managed for-profit and non-profit targeted funds
to support economic development opportunities in underserved
communities primarily in the city of Detroit. The efforts of Invest
Detroit are intended to promote job creation, expansion of the tax base
and an improved quality of life for residents of the communities it
Michigan Land Bank Fast Track Authority/Michigan Economic Development Corporation.
The Michigan Land Bank is part of the Michigan Strategic Fund (MSF),
which receives administrative services from the Michigan Economic
Development Corporation. The MEDC, a public-private partnership serving
as the state's marketing arm and lead agency for business, talent and
jobs, focuses on helping grow Michigan's economy. (www.michiganadvantage.org)
DDA/DEGC: Robert Rossbach, 313-402-9831, firstname.lastname@example.org
Karp and Associates: Richard Karp, 517-374-7704, email@example.com
Invest Detroit Foundation: Marge Sorge, 313-879-2441 firstname.lastname@example.org or Maura Campbell, 313-879-244, email@example.com
Michigan Land Bank/Michigan Economic Development Corporation: Kathy Fagan, 517-335-3340, firstname.lastname@example.org
Wayne County: Brooke Blackwell-Birch, 313-224-5925, email@example.com