Financing has been secured and construction is expected to commence immediately on a $50 million-plus retail, office and residential redevelopment of the 34-story Broderick Tower at the southeast corner of Detroit’s Grand Circus Park.
The project will be finished by September 2012, according to a statement issued today by the project managers.
Financing, including cash and historic tax credits, is coming primarily from Bank of America, Invest Detroit, Chase Bank N.A., and the Michigan Historic Preservation Network.
The legal entity developing the project is Motown Construction Partners L.P. led by Fred Beal. His JC Beal Construction Inc. will act as construction manager for the renovation for project architect Kraemer Design Group of Detroit.
The building is owned by several individuals and entities, including the Higgins Family Trust.
The first four floors will include a restaurant and lounge and Invest Detroit‘s business incubator. Floors 5 through 34 will be 127 apartments.
Apartments will range from 422-square-foot studio units to 1,027-square-foot two-bedroom units while 10 floors will have 34 “Sky Top Penthouses” with their own elevator, upgraded amenities and views.
Interior renovations will preserve the existing historic lobby and modernize the building. The façade will be cleaned and restored and exterior lighting added to highlight details.
The neoclassical architecture building, a combination of Chicago school and Beaux-Arts design by architect Louis Kamper, opened in 1928 as the Eaton Tower.
The largely vacant building is perhaps best known for the whale mural on its façade facing Comerica Park since 1997.
The Sports Town Grill operates at the building’s street level.