 
Realitycheck
Member
Username: Realitycheck
Post Number: 387
Registered: 08-2004
| | Posted on Thursday, October 26, 2006 - 6:39 pm: |    |
The state just made it more attractive to redevelop the mid-'20s landmark at Jefferson + Lenox, Crain's Detroit Business reports:
MEDC OKs $277,270 tax break
for renovating Savarine Hotel
By Robert Ankeny
5:57 pm, Oct. 26, 2006
The Michigan Economic Development Corp. has approved $277,270 in single-business tax brownfield tax credits for renovating the former Savarine Hotel at 13115 E. Jefferson Ave.
A local landmark dating from 1926 as a luxury, 524-room hotel, it most recently was a low-income apartment building of 158 units that had fallen into disrepair and in 2004 had lost its Housing Assistance Payment contract that guaranteed residents federal assistance.
Using the tax credit, the owners, UIG-13115 E. Jefferson L.L.C., plan a $2.78 million project to create 118 apartment units, said MEDC President and CEO James Epolito said in announcing the tax-credit approval. 
(Message edited by RealityCheck on October 26, 2006) |
Harsensis
Member
Username: Harsensis
Post Number: 99
Registered: 07-2005
| | Posted on Thursday, October 26, 2006 - 7:37 pm: | |
Thanks Reality, I have two postcards of this hotel and every time I drive by it I think about those cards and I wondered if they were of the same building. Now I know for sure. JJ |
Lmichigan
Member
Username: Lmichigan
Post Number: 4584
Registered: 10-2003
| | Posted on Thursday, October 26, 2006 - 7:40 pm: | |
Good news. That area of town really needs some filling back in, and every little bit of developments help.
BTW, the source of this article is Crain's Detroit Business.
(Message edited by lmichigan on October 26, 2006)
(Message edited by lmichigan on October 27, 2006) |
Bussey
Member
Username: Bussey
Post Number: 289
Registered: 12-2003
| | Posted on Thursday, October 26, 2006 - 10:48 pm: | |
This isnt really anywhere near downtown. |
Detroitstar
Member
Username: Detroitstar
Post Number: 268
Registered: 01-2006
| | Posted on Thursday, October 26, 2006 - 10:58 pm: | |
I'm excited to hear of redevelopment moving away from the core of the city. I know we've heard about many projects, but this might be the largest outside of the Woodward corridor. |
Lmichigan
Member
Username: Lmichigan
Post Number: 4585
Registered: 10-2003
| | Posted on Thursday, October 26, 2006 - 11:31 pm: | |
Why should it matter if its' close to downtown, Bussey? It just seemed like a strange comment. There are actually other parts to the city.
BTW, does anyone else have more specific history on this one? It really sticks out as it's the tallest thing around for quite a few blocks if my memory is correct. |
Reetz12
Member
Username: Reetz12
Post Number: 90
Registered: 09-2005
| | Posted on Friday, October 27, 2006 - 1:48 am: | |
Tried doing a search, this was talked about before on this forum, but couldn't find it.
This was posted on ModelD back in May
May 30, 2006
112-unit market-rate apartment building coming to former East Jefferson hotel
The historic Savarine Hotel located on East Jefferson one block east of Dickerson is being developed into 112 market-rate apartments and 6,000 square feet of ground-floor commercial space by the Urban Innovation Group. The two- and three-bedroom apartments will rent for $500 to $800 and will range in size from 450 to 1,100 square feet.
The four commercial spaces average 1,500 square feet. UIG is "in discussions with a sit-down restaurant," says Jason Jones of UIG. Other potential tenants include a Laundromat and a boutique clothier.
UIG also owns the Island View Apartments on Field Street just off East Jefferson.
"The East Jefferson corridor is the best development corridor in the city," Jones says. "I think it's got the highest potential value for your efforts. As an investor, it's an extraordinary place to develop assets—it's not as expensive [to acquire property] as Midtown, but you can reach close to Midtown prices."
UIG plans to be able to accept residents in September and for construction to be complete by later that fall.
Source: Jason Jones, Urban Innovation Group
This was supposed to be done by Fall???????
I'm not trying to knock this down, I think it is a geat boost for the neighborhood. |
Lmichigan
Member
Username: Lmichigan
Post Number: 4587
Registered: 10-2003
| | Posted on Friday, October 27, 2006 - 1:57 am: | |
Don't know if you're from Michigan, but you can expect at least a half year delay on most projects, especially when most of these projects are being done in such a bad economy using tax credits and other creative means to put together these deals. |
Reetz12
Member
Username: Reetz12
Post Number: 91
Registered: 09-2005
| | Posted on Friday, October 27, 2006 - 2:07 am: | |
I'm from Michigan and in the old thread I had to laugh when they mentioned a fall completion.
This is always great news about people having plans and I will always support most types of these projects, but actually having everything set in place to proceed is such a large hurdle. These developers deserve recoginiton for what they are doing, but realisticly they shoudln't set dates until everything is in place. Especially working with the city of Detroit, you should excpect delays. Also, I think a half year delay is very generous for these type of projects. |
Drm
Member
Username: Drm
Post Number: 1068
Registered: 10-2003
| | Posted on Friday, October 27, 2006 - 5:48 am: | |
quote:Why should it matter if its' close to downtown, Bussey? It just seemed like a strange comment. There are actually other parts to the city.
Bussey was responding to your comment, "That area of downtown really needs some filling back in ...." |
Lmichigan
Member
Username: Lmichigan
Post Number: 4589
Registered: 10-2003
| | Posted on Friday, October 27, 2006 - 5:55 am: | |
Ooops. I meant to say "that area of town..." |
Harsensis
Member
Username: Harsensis
Post Number: 101
Registered: 07-2005
| | Posted on Sunday, October 29, 2006 - 10:57 pm: | |
I just hope it has tenants. There is another building down the street (closer to downtown)by the McDonalds that was totally redone and has sat mostly empty for a number of years. I think there is one small business in part of it. Last time I looked there was plywood over a couple of windows after they had been broken. |