DETROIT-The Roxbury Group, based here, has broken ground on a new, 17-story mixed-use building at Griswold Street and Michigan Avenue, next to the Book Cadillac building. The first 11 floors of the Griswold-Capitol Park will have 12,000 sf of retail on the first level and a parking garage, to be owned by the city's Downtown Development Authority, and the top floors will have 80 condominium units.
The entire project is expected to cost about $41 million, and the condo floors alone will take a more than $26 million investment, a Roxbury spokesman tells GlobeSt.com. His company secured the air rights above the parking structure in December.
Kraemer Design Group is creating the residences, which will range in size from 650 to 2,800 sf., with prices from $175,000 to $750,000. The property will offer a 24-hour doorman, floor-to-ceiling windows, balconies and some units with fireplaces, the spokesman says. The top floor will offer nine, two-story penthouse units.
The spokesman says about half the units have been reserved. Delivery will start in the fourth quarter 2008, he says. The parking will also serve the Book Cadillac, which is being turned into a 400-room Westin hotel.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.