Downtown high-rise redevelopment to restart after state approves loan amendment

**Airforceguy** · May-20-25, 04:46 PM

The development team behind the restoration of the former United Artists Building near Grand Circus Park downtown has secured an amendment to a state loan following cost increases that have delayed the project.

Tuesday morning, the Michigan Strategic Fund approved letting Bagley Development Group LLC repay its $7 million state loan after it repays the Detroit Downtown Development Authority on $1.1 million in supplemental funding it granted to the project last month. The state originally granted its Michigan Community Revitalization Program loan in May 2020 in the amount of $5 million, but increased that amount to $7 million a year later.

The project is slated to bring 148 housing units to the market along with about 10,500 square feet of commercial space at 150 Bagley St. in Detroit.

https://www.crainsdetroit.com/real-e...loan-amendment

**Danny** · May-22-25, 09:48 AM

No wonder why the former UA Building project stopped for a while. Chris Illitch just to need borrow more money from the bank. What a nutcase he is. He's not a real estate developer. He is getting worse than Dennis Kefallinos!

**401don** · May-22-25, 10:41 AM

Originally Posted by Danny

No wonder why the former UA Building project stopped for a while. Chris Illitch just to need borrow more money from the bank. What a nutcase he is. He's not a real estate developer. He is getting worse than Dennis Kefallinos!

The bank being you, the taxpayer. So who's the nutcase?

**Danny** · May-22-25, 04:38 PM

And you, too taxpayer and all Americans who does banking.

**Zads07** · May-27-25, 09:21 AM

I'll believe it's finished when I see it's finished. Trusting Ilitch is like trusting road construction to actually finish when they say it'll be finished.

**Zacha341** · May-27-25, 01:27 PM

^ And to think the Empire State building was built in only 13 months! And yet still standing.

Not to be confused with those insta-structures in parts of China that collapsed.

**Danny** · May-28-25, 08:21 AM

The UA Building will be finished by 2050.

**royce** · May-29-25, 10:18 AM

Originally Posted by Danny

No wonder why the former UA Building project stopped for a while. Chris Illitch just to need borrow more money from the bank. What a nutcase he is. He's not a real estate developer. He is getting worse than Dennis Kefallinos!

I thought George Jackson, former head of DEGC, and Emmet Moten, former chief of staff to Mayor Young, were heading up this development effort?