Most of the site work for the parking garage upon which
The Griswold condominium development will rest is complete, and its concrete panel walls will start rising at the end of December. This means construction of the condos will begin in the summer of 2008 with occupancy slated for early 2009.
The garage is being developed by the current property owner, who will
turn it over to the Downtown Development Authority when it is
complete. The general contractor for the deck is
Walbridge Aldinger.
The garage will be 10 stories with 545 parking spaces, 120 of which are reserved for The Griswold, 100 for the
Book Cadillac Residences and 250 for guests
of the Westin Book Cadillac and its restaurants and retailers.
The remainder will be transient spaces available for daily and hourly
lease.
The Roxbury Group is The Griswold's developer. The group's James Van Dyke says that 20 of the units have been sold, with binding purchase agreements executed. Another 10 have been reserved.
Interest has been high despite the housing market slump, says Roxbury's Van Dyke. "The Quicken announcement provided a bit of good news to help people make the decision to sign," he says. "We're outperforming the rest of Metro Detroit in terms of absorption of rates. There is still a strong pent-up demand for residential units in the the Central Business District."
Source: James Van Dyke, The Roxbury Group
Writer: Kelli B. Kavanaugh