Midway Corporate Plaza LLC, a subsidiary of Orton, will develop the project. Midway plans to use about 140,000 sf of the building for retail and office use. Another 370,000 sf in the building will be used for residential space.
The state's Michigan Economic Development Corp. is granting Midway a $5.6-million brownfield single business tax credit to support the project. "This property is not living up to its true potential," Gov. Jennifer Granholm says. "The tax credit will help reduce the cost of redeveloping the site and provide the housing, retail and commercial space necessary to attract additional investment and foster positive economic momentum in Downtown Detroit."
In addition to the office, retail and residential use, Midway will renovate an adjacent parking structure to accommodate up to 800 cars. The state says the redevelopment project will create about 300 new jobs.
The Argonaut building is south of Milwaukee Street between Cass and Second avenues in the New Center area.
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