DDA approves $150M Cadillac Centre development
The $150 million mixed-use Cadillac Centre development was approved by the Downtown Development Authority.
The $150 million mixed-use Cadillac Centre development was approved by the Downtown Development Authority.
Excerpt:
The DDA will transfer the two-acre site to Northern for $1, after the
development group is satisfied about the condition of the property,
completes construction planning and cost estimates, and provides proof
it has sufficient financing,
At a press conference, Alex
Dembitzer, managing partner for Northern Group, declined to discuss
specifics of financing that his privately held company has made.
Brian Holdwick, vice president of the Detroit Economic Growth Corp., said at the DDA board meeting that Northern’s financing included a $20 million equity investment.
Read the entire article here.
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