Tuesday, April 15, 2003
$142.5 Million Downtown Detroit Project Moving Forward
Governor Jennifer M. Granholm announced today that the $142.5 million restoration of Detroit’s Book-Cadillac Hotel has moved one step closer to reality thanks to assistance from the Michigan Economic Development Corporation.
Once renovations are complete, it is anticipated that the facility will become a four-star quality Renaissance Hotel operated by Marriott International.
“As a result of a successful collaboration between the state and local government, the Book-Cadillac Hotel is poised to once again become a jewel in the skyline of downtown Detroit,” Granholm said.“The proposed restoration would bring a welcome aesthetic change to the downtown area, and also much-needed accommodations for conference and convention opportunities.”
The Michigan Economic Development Corporation recommended a Brownfield Redevelopment Credit of 10 percent of the eligible investment, up to $10 million, which was approved today.
“The city of Detroit and the Detroit Economic Growth Corporation have been working diligently over the past year to revive the Book-Cadillac,” said Detroit Mayor Kwame M. Kilpatrick.“We applaud the Governor for supporting our efforts to rebuild our city and boost our economy.”
The proposed redevelopment has involved collaboration between the Michigan Economic Development Corporation, the Detroit Economic Growth Corporation, the City of Detroit, the Detroit Empowerment Zone and other public and private partners.
Kimberly-Clark Corporation, the Dallas-based consumer products company, has a historic properties investment division that is backing the Book-Cadillac Hotel project.The company has formed Historic Hospitality Investments of Michigan to develop the site.Since 1994, Kimberly-Clark has invested over $400 million in over 20 historic renovation projects nationwide, including premier hotels in downtown St. Louis, Missouri and Houston, Texas.
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life.
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