Developers to buy ‘air rights’ to build 80 condo units on Book-Cadillac garage

A Detroit development company plans to buy the rights to put 80 units
condo units on a parking garage being built as part of the Book
Cadillac redevelopment

Excerpt:

Detroit-based Roxbury Development L.L.C., an arm of The Roxbury Group
P.L.L.C., is the developer for this proposed Griswold/Capitol Park
project. The company’s offices are in the Stott Building on Griswold.

The 528-space garage will be at 150 Michigan Ave., the site of the
soon-to-be-demolished Commerce Building. The Book Cadillac is at
Michigan Avenue and Washington Boulevard.

The “air rights,” the ability to develop space above a property, are
being sold for the incremental costs the DDA might spend to support the
condominium development such as increases in construction or garage
design costs. Roxbury estimated this cost to be $750,000 and the DDA
will receive the funding on or before the completion of the garage.

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