Posted Oct 17, 2024, 10:54 PM
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Detroiter4life
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Join Date: Jul 2001
Location: Back home in Georgia!
Posts: 4,367
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Plans scaled back for large mixed-use project near Detroit's Whole Foods
Quote:
A presentation forthcoming from the development team behind The Mid project on Woodward Avenue north of Mack Avenue and the Whole Foods Inc. grocery store says a planned Thompson Hotel, part of the Chicago-based Hyatt Hotels Corp. family of hotel flags, should be complete by January 2027.
It is slightly reduced in scale to 216 rooms across 15 floors, down from 225 or so as originally conceived. It’s the first time in years updated plans have been revealed, after first announcing the proposed project in March 2019 and running into the COVID-19 pandemic buzzsaw that pinched financing. The most recent cost projection was $377 million, although the current development cost is not known. "The ensuing disruption to the financial markets resulted in the project’s lenders quickly withdrawing their commitments in March of 2020," the presentation says. "In addition, the subsequent economic downturn and softening in hospitality and residential demand made a large-scale Midtown project all but impossible."
The presentation says the project now has "a clear path to financing."
ther components to be started later, according to City Planning Commission briefing documents to be considered as part of a presentation tonight, include:
A seven-story, 485-space parking deck starting construction in the summer 2026 and wrapping up in the spring 2027;A seven-story, 217-unit multifamily building atop first-floor retail space for eight stories total starting construction in the spring 2027 and completing in the winter 2029; A 13-story, 153-unit apartment building atop the seven-story parking garage for 20 stories total starting in the spring 2029 and completing in the fall 2031; Retail space across all components totaling about 55,300 square feet.
The updated plans are pared back considerably.
The first incarnation of the project from March 2019 included a 25-story hotel and condo building with 225 hotel keys and 60 condos, plus a 30-story, 250-unit residential tower. They would be among the tallest buildings built north of Mack since the 1920s. Also included were a 12-story building with close to 200 co-living units, a 750-space parking garage, and 75,000 to 100,000 square feet of retail.
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https://www.crainsdetroit.com/real-estate/plans-mid-development-scaled-back-midtown
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