The building is expected to be completed in about 18 months. About 50% of the 240,000 sf of office space is committed to a major tenant, though Redico declined to name the tenant. Some published sources have said that IBM Corp. information-technology workers under contract to Visteon Corp. are to be the major tenant. The building will also feature about 12,000 sf of retail/restaurant space on the ground floor.
The building is to be erected above the Kennedy Square underground parking garage facing Campus Martius Park. The DDA leased the garage, reopened last year after renovations, to Redico for $55,000 a month for the first 10 years. Redico will pay to operate and maintain it.
Along with the DDA loan, other financing for the building comes from a $30-million mortgage from Charter One Bank, a $15-million equity investment from Redico, $3 million from the Detroit Investment Fund and $3 million from MMA Financial.
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