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DETROIT-A major announcement has been made regarding development in the Downtown–the Northern Group Inc., a New York City-based owner of a few Detroit landmark buildings, has said it will build two 24-story towers that will hold 84 apartments and more than 142,000 sf of retail. The $150-million Cadillac Centre will occupy the entire Monroe Block Downtown, between the Compuware World Headquarters and the Cadillac Square Park, in the redeveloped Campus Martius neighborhood.

The project will include the 24-story Skyloft Towers, which will hold 48 of the apartments; a 30,000-sf market, a cinema, more than 100,000 sf of retail space, a 14,400-sf health club and spa, 25,000 sf of boutique and specialty shops and a 40,000-sf public park. The top of the building will feature a 22,000-sf living roof, which will collect and filter rainwater and help control energy consumption, said Northern executives in a press release on the development.

According to the statement, Northern will not use incentives to build Cadillac Centre, but the project will be under a Wayne County Renaissance Zone program that will benefit tenants. No tenants have been signed yet, according to Northern officials. “They really believe in Detroit,” a spokeswoman for Northern tells GlobeSt.com. “This is what they do as a company, they see potential in urban environments and they transform them. They believe in the revival that they are witnessing in Downtown Detroit.” The company already owns the Downtown Collection, which includes the First National building, the Penobscot building and Cadillac Tower, which will connect to the new building.. The company also is nearly finished on the refurbishment of the 400-unit Alden Park Towers, an apartment complex along the Detroit River.

Anthony Caradonna, a principal of the New York City-based Opus Architecture and Design Studio Inc., is the architect of the modern-looking project. Groundbreaking is slated for September 2009, with completion expected in December 2011. A press conference will be held to officially announce the project Wednesday at Mayor Kwame Kilpatrick’s office.

Though Detroit continues to be one of the hardest hit cities in terms of economic slump and commercial vacancy, several projects have been ongoing Downtown, including a massive riverfront redevelopment, three new large casino buildings, the move downtown of major employer Rock Financial and investment around the Wayne State University campus.