[DetroitMan]

Parade Co. seeks extension to raise another $24M for Detroit riverfront project

What comes next in The Parade Co.’s bid to convert the historic Brodhead Armory on Detroit’s east riverfront into a new home remains to be seen, following a City Council committee meeting Thursday.

The Parade Co.’s President and CEO Tony Michaels appeared before the Detroit City Council Planning and Economic Development Standing Committee to ask for more time to raise funding for the $45 million project.

Council President Pro Tem James Tate, who chairs the committee, said a fourth extension of time to raise funding needed to purchase the armory was not on the table, as the prior agreement expired June 30 and there was no extension resolution before the committee. That action would have to come from the city’s planning department. The city is waiting to see how the current conversation plays out before making any determination about potential next steps, John Roach, director of media relations, said in a message to Crain’s.

https://www.crainsdetroit.com/nonprofits...eks-more-time-raise-funds-new-hq-project