He said all other studies about the building are complete."We just want to get details about the facade and quantification of known hazardous substances, so we can get a handle on remediation costs," Zeiler told GlobeSt.com.
He said the DEGC expects the total remediation should cost about $150 million. "There's some portions of the building that are fine, but other portions are severely degraded, especially on the higher floors," Zeiler said. The hotel has been closed since 1984, and severely defaced by people and the elements since then.
Zeiler also said that Historic Hospitality Investments, a subsidiary of Kimberly-Clark, plans to convert the Book Cadillac into 484 luxury hotel rooms, 82 luxury apartments, five floors of meeting spaces and restaurants, a 10,000-sf ballroom and a 250-space parking deck.He said a partnership that currently owns the hotel is getting a deal.
The partnership owes money to the DEGC and the Downtown Development Authority, Zeiler said, and instead of calling in the debts and forcing the owners to have to pay millions in back taxes - which could result in jail - the partnership will allow a new owner to come in and rebuild the hotel with a 99% stakeholder ownership.
"An incoming developer is going to give us $1 to take over the ownership, without the debt responsibility," Zeiler said, adding thatthe study should be complete in about six weeks. The new development should be open two months before the 2006 Super Bowl, to be held at nearby Ford Field.
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