$180 million renovation of famed Book-Cadillac Hotel announced today in Detroit
After two years of public speculation, late night communications and conference calls that on one occasion involved more than three dozen people on the line simultaneously, Cleveland-based developer John Ferchill publicly announced today that his firm, The Ferchill Group, had closed on a $180 million financing package that will be used to renovate Detroit's historic Book-Cadillac Hotel into a luxury hotel with condominiums.
A life-size model of the renovated Book-Cadillac
Calling it "a historic day for the new Detroit", Ferchill served as Master of Ceremonies at tonight's Book-Cadillac Preview Event, where about 230 people and a handful of local media gathered for the long-awaited announcement, which included the unveiling of several artist renderings of the building's planned interior and a life-size model of the proposed exterior.
Along with Ferchill, Detroit Mayor-Kwame Kilpatrick, Michigan Governor-Jennifer Granholm and four other individuals pertinent to the deal's funding took turns expressing thanks and heralding the impact that the future project will have on the city's continued revitalization efforts.
An artist's rendition of the Book-Cadillac's new Italian Garden
The Ferchill Group - whose firm was responsible for developing the 198-room Hilton Garden Inn hotel in Detroit's central business district - thanked many of the people and organizations involved in the complex financing package, composed of 22 different funding sources.
The city of Detroit, Wayne County, Detroit's Downtown Development Authority, National City Bank, Starwood Hotels and Resorts Worldwide Inc., Meijer, Inc., and the Michigan Magnet Fund are just some of the project's capital supporters.
Kwame Kilpatrick, Jennifer Granholm and Joe Galvan, Regional Director of HUD - Chicago, at Tuesday's Book-Cadillac announcement
In what is being describing as Detroit's biggest and most significant project since the opening of the Fox Theatre in 1988, the planned renovation of the 33-story Louis Kamper-designed building calls for 455 four-star luxury hotel rooms -- each containing 42" flat-screen televisions, high-speed cable and wireless internet access -- as well as 67 luxury condominiums.
There was no word on what fees for the future hotel rooms, but material provided by The Ferchill Group place the starting price of the condominiums between $250,000 and upwards of $1 million, dependant on floor plans and other factors.
An artist's rendition of the new Crystal Ballroom
Guests of the renovated Book-Cadillac will enjoy valet parking, a state-of-the-art fitness center, on-site doorman, indoor heated pool and whirlpool, 24-hour room service and a host of other amenities, including on-site retail stores, 39,000-square feet of meeting space, a nationally-known steakhouse, a sports bar and a coffee bar.
Along with full access to all hotel amenities, residents of the condominiums - which will be located on the top eight floors of the building - will be treated to a private entrance and elevator and will have access to a private skywalk that will run between the garage and the entrance to the condominium area of the building.
The Ferchill Group has retained Esquire Properties, a real estate brokerage firm located in Detroit, as the exclusive sales and marketing firm for the Residences of the Book-Cadillac.
Jon Grabowski, President of Esquire, believes that the redevelopment of the Book-Cadillac is the most important reconstruction project the city of Detroit has ever seen.
"As a firm founded in Detroit, Esquire Properties is proudly bearing the weight of delivering the city’s most important redevelopment project to the public. The people of Detroit will use the renaissance of the Book-Cadillac as the foundation...that the city has now turned the corner."
Construction on both elements of the project are expected to begin immediately.
The estimated grand opening of the Book-Cadillac Hotel and Condominiums is the summer of 2008.
For more information on The Ferchill Group, please visit www.ferchillgroup.com.
For inquiries or information about condominiums in the new Book-Cadillac, please contact Esquire Properties at 313.580.2200.
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