The Downtown Development Authority gave the Book Cadillac Hotel's rehab plans an OK last week; final closing is planned for early June.
According to the story:
JTMK-Cadillac Ltd., an Ohio partnership controlled by The Ferchill Group of Cleveland, is developing the $175 million project, with 17 layers of financing. The project is expected to be completed by summer 2008.
The one-time 800-plus-room hotel, opened in 1925 and closed since 1984, is to be converted into 450 hotel rooms, with the upper nine floors converted to 67 condominium units ranging from 750 square feet to 3,000 square feet. The hotel will be a Westin-branded Starwood operation.
The exterior facade is to be restored to its original design, said Gary Brown, project manager for the Detroit Economic Growth Corp. The DEGC staffs DDA projects.
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