John Ferchill, president of the firm, tells GlobeSt.com afterthe conference that the project, which many thought would never getoff the ground, is on track and on budget. "I was really impressedby how many people showed up at the conference, it's good to see somuch confidence in Detroit," Ferchill says. His company hasbelieved in the city, and opened a Hilton Garden Inn in theDowntown a few years ago.
He says most of the main rooms are done, and workers are nowfinishing the ballrooms and infrastructure. "Fifty-three of the 67condos are sold," Ferchill says. The average price is about$500,000 per unit.
The 33-story hotel was once frequented by Presidents and earlyHollywood's elite, but went vacant in 1984. Ferchill was able toarrange financing, with help by National City, to redevelop thehistoric building.
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