Livonia-based Schostak Bros. & Co. plans to build a $111-million, 16-story building on Monroe Street downtown, the first new major office construction in the central business district since construction on One Kennedy Square began in 2005, Kirk Pinho reports in Crain's Detroit Business.
"The Detroit Brownfield Redevelopment Authority’s nine-member board has reviewed a $27-million brownfield tax incentive plan for site preparation and infrastructure improvements for the building, which is expected to include first-floor retail space and a parking deck wrapping around Cadillac Tower facing Campus Martius.
"Questions about the proposed building’s size were not immediately answered late Monday. Its parking deck would house 1,000 cars.
The site at 32 Monroe and 825 Bates St. is bounded by Monroe, Farmer Street, Bates, Woodward Avenue and Cadillac Square.
The Detroit Downtown Development Authority owns the 1.96-acre site and the city would have to approve building plans, according to the Detroit Economic Growth Corp.
