DETROIT, MI - The David Whitney Building is getting $8.5 million in state grants to help make the buildings' renovation into apartment, hotel and retail space a reality.
The money is coming in the form of a $7.5 million performance-based loan and a $1 million Community Revitalization Program performance-based grant. The 19-floor building at 1553 Woodward Ave. is going to be converted into 108 residential apartments, 135 hotel rooms and ground-level retail.
In December, developer David Di Rita told the $82 million renovation should be finished by 2014.
News of the state grants came with Gov. Rick Snyder’s announcement Wednesday that
through the Michigan Economic Development Corp.
As part of the MDEC’s Michigan Business Development Program, the total investment is supposed to add 4,590 jobs throughout the state, Snyder said.