LCA opening catalyst in redefining 21st century Detroit
MEDC Staff
Wednesday, September 13, 2017
MSF-supported projects in downtown Detroit boost city’s promising future
The opening of Little Caesars Arena – the latest jewel in Detroit’s expanding entertainment district – stands as a monument to the city’s booming prospects, and a compelling “Welcome” sign for visitors, residents and business investors.
As home to the Red Wings and Pistons, LCA is the anchor in a 50-block area known as District Detroit that includes three professional sports stadiums, several popular theaters (Fox, Gem, Music Hall, Detroit Opera House, to name a few), an ever-growing list of restaurants, and an impressive range of new residential and retail developments.
The much-anticipated opening of LCA joins a long list of projects that have collectively transformed Detroit into one of the most talked-about and investor-friendly cities in the U.S.
“The resurgence in Detroit reflects the vital spirt of a region known throughout the world for innovation, hard work and down-to-earth Midwest values,” said Jeff Mason, CEO, MEDC. “The future is bright, and we are greatly encouraged about the possibilities when considering the collaboration among private developers, economic development organizations, various governmental units and foundations.”
Not since the population surge of the late 1940s and early 1950s has the city seen such an influx of tourists, visitors and residents.
From New Center to Midtown to the bustling entertainment and financial districts, the newly opened QLine – a streetcar-on-rails – transports the most vital of all ingredients to the resurgence of the state’s largest urban center – people.
The QLine, which opened in May, received a $9 million Michigan Business Development program performance-based loan from the MSF, which promotes economic development and creates jobs throughout the state. The MEDC administers programs and performs due diligence on behalf of the MSF.
Since the City of Detroit emerged from bankruptcy in late 2014, more than two dozen projects have received some form of MSF-support in and around Woodward Avenue, Corktown and along the Detroit River. Among the high-profile projects is MSF’s authorization of $450 million issuance of private activity bonds to finance construction of the entertainment district (including Little Caesar’s Arena).
Other significant developments include:
(NOTE: CDBG: Community Development Block Grant; CRP: Community Revitalization Program; BDP: Business Development Program incentives)
2017
City Modern (between Brush Park, John R/Brush Street) Mixed-use development; Total private investment: $43 million; CRP: $7.5 million; Brownfield: $15,796,867; Tax exemption: $1.8 million; Jobs: 26
Casket Company (664 Selden Street) Mixed-use development; Total private investment: $7.2 million; CRP: $1 million; Tax exemption: $1,199,485; Jobs: 65
1215 Griswold Street Mixed-used development; CRP: $1 million; Total private investment: $10.3 million; Jobs: 16
Adient (243 West Congress Street) Automotive manufacturing; BDP: $2 million; Total private investment: $97.8 million; Jobs: 115
ArcelorMittal USA (8650 Mount Elliot Street) Automotive-advanced manufacturing mats; BDP: $2 million; Total private investment: $83.5 million; Jobs: 120
Metropolitan Hotel Partners (John R Street) Mixed-use development; CRP: $6.5 million; Total private investment: $34 million; Jobs: 30
Queen Lillian (3455 Woodward Avenue) CRP: $3.5 million; Total private investment: $30.9 million; Jobs: 53
Recovery Park (2255 E. Ferry Street) Agriculture; 21st-CJF (2015–16): $1.4 million; Total private investment: $1.9 million; Jobs: 105
Shoppes at Woodward (6568 Woodward Avenue) Mixed-used development; CRP: $750,000; Total private investment: $5.8 million; Jobs: 37
Third & Grand (2911 W. Grand Boulevard) Mixed-used development; CRP: $2 million; Brownfield TIF (State): $6.7 million; Total private investment: $54.6 million; Jobs: 55
Trident-Corktown (2128 Trumbull Avenue) Mixed-used development; CRP: $6.9 million; Total private investment: $43.8 million; Jobs: 50
250 West Larned Street Mixed-used development; CRP: $5.8 million; Total private investment: $28.9 million; Jobs: 97
Others: Baltimore Station along Woodward Avenue in New Center, located near Amtrack station, including retail space and 23 apartments; St. Charles Place, a vacant Catholic school on Detroit’s lower east side, includes 25 residences and 10 apartments.
2016
Griswold Project (150 Michigan Avenue) Commercial development; CRP: $4.8 million; Brownfield MBT: $3.6 million; Total private investment: $70.1 million; Jobs: 3
HM Ventures Group (1509 Broadway Street) Hospitality/accommodations; CRP: $3.5 million; Brownfield: $1.6 million; Total private investment: $22.28 million; Jobs: 48
The Plaza Midtown (3800 Woodward Avenue) Mixed-use development; CRP: $3.5 million; Total private investment: $21.1 million; Jobs: 30
Urban Science Applications (101 Renaissance Center) Information technology; BDP: $566,600; Total private investment: $2 million; Jobs: 102
Woodward and Erskine (3152 Woodward Avenue) Mixed-used development; CRP: $1.5 million; Brownfield: $12 million; Total private investment: $61.3 million; Jobs: 50
2015
1145 Griswold Street Mixed-use development; Brownfield: $2.5 million; 21st CJF: $2.4 million; CRP: $1 million; Total private investment: $22.7 million; Jobs: 60
207 East Baltimore Avenue Residential development; CRP: $225,000; Total private investment: $1.8 million
5734 Woodward Avenue Mixed-use development; CRP (2014): $240,625; Total private investment: $1.5 million; Jobs: 10
678 Selden Street Mixed-use development; CRP: $670,000; Total private investment: $3.7 million; Jobs: 4
Strathmore Apartments (70 W. Alexandrine Street) Mixed-use development; CRP: $3.5 million; Total private investment: $28.4 million
751 Griswold Street Mixed-use development; CRP: $682,279; Total private investment: $4.4 million; Jobs: 70
Casamire Detroit (680 Delaware Street) Residential development; CRP: $1 million; Brownfield: $400,000; Total private investment: $10.2 million
CDK Global (500 Woodward Avenue) Information technology; BDP: $1 million; Total private investment: $3.6 million; Jobs: 100
Du Charme Place (1544 E. Lafayette Street) Residential development; CRP: $5.7 million; Brownfield: $2.7 million; Total private investment: $38.4 million; Jobs: 6
KWA I Residential (1413 Woodward Avenue) Mixed-use development; CRP: $1 million; Brownfield: $1.3 million; Total private investment: $12.7 million; Jobs: 20
M1 Rail $10 million; Total private investment: $131.9 million; Jobs: 41
Rivertown Phase I (1700 Atwater Street) Mixed-use development; CRP: $8.1 million; Brownfield MBT: $6.9 million; Brownfield TIF State Mills: $3.9 million; Total private investment: $61 million; Jobs: 39
For more information on the QLine in Detroit, please visit qlinedetroit.com.
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