Last Friday, the Michigan Economic Development Corporation (MEDC) announced its support for the restoration of Detroit's Eddystone Hotel, an 80-year old structure located in the Detroit's Midtown area.
The Hotel Eddystone was designed by Louis Kamper
The MEDC has approved a $641,000 brownfield SBT (thanks, Brian) to assist with the costs of refurbishing the 13-story building, which will be redeveloped into approximately 60 condominium units. The project's developer, Eddystone Development, LLC, will put up $6.4 million of private funds for the Eddystone, which will also include two 2,000-square foot retail areas on the ground floor.
Retail areas will also be incorporated into the redevelopment
Set to open in Spring of 2006, the single-story loft-style condos will be built as either one- or two-bedroom units, and will range from 875- to 1500-square feet. Prices are estimated to run from about $135,000 to $195,000.
In addition to the proposed internal upgrades to the building, the MEDC's press release on the subject notes that its exterior and the areas immediately surrounding it will also be redeveloped.
Visit the University Cultural Center Association's website for more information on the numerous projects and developments currently underway in Midtown.