Maybe miracles do happen.
Both the Detroit News and Detroit Free Press reported today that a deal to renovate the Book-Cadillac Hotel in downtown Detroit is nearing finalization.
According to the News' article, San-Fransisco real estate company Chevron TCI, Inc. plans to put up almost $60 million in financing for the renovation project, whose total price tag is $163 million.
Cleveland-based developer Ferchill Group hopes to turn the once-luxurious lodging space into a 400-room Westin hotel with 57 luxury condos.
An October 13 newclip of Detroit Public Radio noted that the developer expects to begin construction on the 85-year-old vacant hotel early next year.
Aside from securing the finacing, the plan must be reapproved by the Detroit City Council before any renovation work can begin.
Local filmmaker Frank Nemeczek completed a documentary on the Book-Cadillac Hotel earlier this year, and just recently submitted his piece to the Sundance Film Festival. To find out more about the film and the hotel, please click here.
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Technorati Tags: Detroit, Book-Cadillac, Urban
