Construction is really and truly underway at the 34-story Broderick Tower
, long one of Downtown's most visible mostly-vacant skyscrapers. While other redevelopment schemes have been announced in the past, this time the project is a sure thing, says Fred Beal of JC Beal Construction
, a member of the development team. "We did not announce the project this time until 100% of the financing was arranged," he says. "This is the real deal."
The Broderick's first floor will house a restaurant/bar, while Invest Detroit
will operate a small business incubator on floors two through four. The remainder of the floors will be residential, with 127 apartments ranging in size from 422 to 2,220 square feet. Despite the soft housing market, Beal says there is "pent-up demand" for quality rentals in Downtown. "We're really dealing in a micro-climate of that core of Woodward, the entertainment and sports district that has made the Kales Building very successful."
The project is being financed by brownfield, New Market and historic tax credits; Invest Detroit; Bank of America; and Chase Bank. Beal expects construction to wrap up on September 1, 2012. "That's a pretty hard date," he says. "The schedule is pretty carefully laid out."
The Broderick was built in 1928. It was designed by Louis Kamper; the renovation architect is Kraemer Design Group
. The developer, Motown Construction Partners, LLC, also consists of Broderick Tower Investment Group and the Higgins Family Trust.
Source: Fred Beal, JC Beal Construction
Writer: Kelli B. Kavanaugh