Tuesday, January 18, 2005

Detroit's Argonaut Building Given $5.6 million Tax Credit

Once the headquarters of General Motors, Detroit's Argonaut Building - located in the New Center area near the Fisher Building - got the seal of approval from the Michigan Economic Development Corporation today for a single-business tax credit of $5.6 million.

The credit - which will be combined with $64 million in private funding - allows the current owner of the building, Midway Corporate Plaza, LLC, to go ahead with its plans to redevelop the 75-year old structure into a mixed-use development.

The majority of the space inside the 11-story property will be converted into 250 lofts. Office space and retail shops will make up about 27% of the Argonaut's 510,000-square feet.

According to dictionary.com, the word 'Argonaut' means someone who is engaged in a dangerous, yet rewarding quest. It became the name of one of the many buildings by famed-Detroiter Albert Kahn, a man who is still considered one of the best architects in the nation.