Source: Lansing company to redevelop Capitol Park in Detroit

[ismoakrack]

By Daniel Duggan

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Detroit's Downtown Development Authority is set to name the developer today of the Capitol Park project, the redevelopment of three vacant buildings near the Westin Book Cadillac hotel.
Karp and Associates LLC of Lansing will develop the buildings into a mixed-use development of apartments, retail and office space, according to a source with knowledge of the deal.
Approval of a development agreement is expected at the DDA's 3 p.m. meeting today.
It marks the final chapter in the long story of the triangular area's redevelopment. The area is west of Woodward Avenue, north of Michigan Avenue.
The area is known as Capitol Park because it was the site of Michigan's first capitol building, until 1847. That area was known three years ago as a dilapidated area with a big bus stop.
After several years of planning, a group of public bodies took control of the small area.
In 2009, three vacant historic buildings bordering the park were purchased by public bodies. And the bus lines were reconfigured and the Rosa Parks Transit Center was built several blocks away. With that move, the actual park was renovated.
The DDA bought the former United Way Building and the Capitol Park Building for $1.75 million and $1.9 million respectively. The state of Michigan's land bank bought the Farwell Building for $3.3 million.
In addition to the DDA and the land bank, money and planning for the Capitol Park project comes from a coalition of groups that includes the land bank, the Detroit Economic Growth Corp.,Invest Detroit, the Wayne County Land Bank, the Michigan Economic Development Corp. and the Michigan State Housing Development Authority.
The timeline for redeveloping the buildings has yet to be announced.
Karp, run by developer Richard Karp, is known for the redevelopment of the Durant Hotel in Flint. The 1920s hotel was renovated and reused as a mixed-use hotel and residential development.
He was one of the three finalists named in December for the Capitol Park project.
J.C. Beal President Fred Beal was also in the mix, as well as one other developer who was not named. Cleveland developer John Ferchill, who teamed-up with Quicken Loans Inc. founder Dan Gilbert, didn't make the short list, as earlier reported by Crain's.
Karp could not be immediately reached for comment.

Who will actually be the landlord for these buildings?

[gumby]

You will be really happy with Karp and Associates. They redeveloped the Durant Hotel here in Flint and instead of being a hulking eyesore, vacant for almost 40 years it is now a beautiful apartment building with a restored lobby and ballroom. My buddy had his wedding reception there and their attention to detail in keeping with the historical features is amazing, not to mention it is like 90% occupied except for the storefront space.

[AGinthe313]

Ahhh the possibilities...

[stromberg2]

One of the coolest spots in downtown. Has a New York vibe about it.

Stromberg2

[DetroiterOnTheWestCoast]

One of the coolest spots in downtown. Has a New York vibe about it.

Stromberg2

That's exactly how I always felt about it. I always felt it was "New Yorkish", except for the vacantness. A great spot with such a good vibe to it. It feels like a downtown should feel - its amazing what a pretty much intact streetwall does for an area!

It will be fantastic to see this area coming back to life. Now for the David Stott....

[DetroitPlanner]

Wow! The Durant Hotel was a big improvement for Flint. It also helps link more of downtown with the UofM Flint Campus on the former AutoWorld site.

[stinkytofu]

One of the coolest spots in downtown. Has a New York vibe about it.

Stromberg2

I absolutely adore Capitol Park - it has so much potential. That could easily be the easiest neighborhood downtown and I'd love to live there.

[MSUguy]

You will be really happy with Karp and Associates. They redeveloped the Durant Hotel here in Flint and instead of being a hulking eyesore, vacant for almost 40 years it is now a beautiful apartment building with a restored lobby and ballroom. My buddy had his wedding reception there and their attention to detail in keeping with the historical features is amazing, not to mention it is like 90% occupied except for the storefront space.

Karp has done good work they redid the Arbaugh Bldg in Lansing. I glad to see this part of downtown finally making a comeback

http://www.thearbaugh.com/

[David L]

Does anyone have pictures of the Falwell Bldg, before it was scrapped?
If I remember correctly, there was a beautiful Tiffany dome under the skylight, [[that had been blacked out during WWII) The amazing brass elevator doors and so much detail has gone missing.

[DLife]

Who is going to run/own these buildings once they're renovated? Is the city going to keep and maintain them?