The old Detroit Free Press building, which the paper moved out of in 1998, has a plan in place that will turn it into residential units.
Excerpt from the
Detroit Free Press:
A $70-million plan to remake the old Detroit Free Press building downtown into residential apartments, office and retail space inched forward Wednesday as the Detroit Brownfield Redevelopment Authority approved incentive financing for the deal.
The project still needs to overcome hurdles, including finding market-rate financing in a tight credit market. But Wednesday's action shows that the deal is moving ahead.
The building, at 321 W. Lafayette, is owned by Free Press Holdings, a Ft. Lauderdale, Fla.-based real estate partnership headed by investor Emre Uralli. The partnership bought the building in late 2008 from a local partnership that included the Farbman Group real estate firm.
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