A $15 million loan from the City of Detroit's Police and Fire Pension
Fund means “everything’s in place” to start renovation of the historic
Book-Cadillac hotel, says Brian Holdwick, vice president for business
development of the Detroit Economic Growth Corp.
According to the story:
Work should begin this summer. Pension fund officials approved the loan
Thursday night to The Ferchill Group of Cleveland. Other financing
includes loan guarantees from HUD, tax credits, grants and conventional
loans. The 33-floor building will be converted into roughly 500
top-tier hotel rooms and 66 luxury condominiums.
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