The renovation of the Fort Shelby takes another step foward
Fort-Shelby restoration nearly a go
$82 million hotel conversion to be set this week, officials say
Louis Aguilar / The Detroit News
DETROIT -- The multimillion dollar deal to convert the former Pick Fort-Shelby Hotel downtown into a Doubletree Guest Suites Hotel, meeting center and upscale apartments is expected to be sealed this week, according to the developers and Detroit Economic Growth Corp. officials.
Today, the Detroit Economic Growth Corp., a quasi-public agency that promotes development, is expected to sign off on the project's conservation easement, said Brian Holdwick, vice president of business development for the agency. That easement essentially ensures the building will look as much like its historic design as possible, he said.
Later in the week, possibly as early as Wednesday, developers and the various financiers officially will close the $82 million deal, said Leo Phillips, one of four developers behind the project. Phillips said the project involves federal Housing and Urban Development funds and a variety of state and city tax credits, but no direct city or state funding.
"We are dotting all the 'I's' and crossing all the 'T's' on the paperwork -- and there's a lot of paperwork," Phillips said.
City officials including Mayor Kwame Kilpatrick are considering holding a ceremony next week at the West Lafayette building, between First and Second streets, to celebrate the revival of another downtown historic building. The Pick Fort-Shelby Hotel opened in 1917 and was shuttered in 1973. Its last tenant, a bar, left in 1998.
The restoration project is expected to include:
A 207-room hotel operated by Doubletree, a division of the Hilton Group.
About 38,000 square feet of convention space, enough to accommodate up to 200 people.
63 apartments (including a penthouse), which may eventually become condominiums.
You can reach Louis Aguilar at (313) 222-2760 or
laguilar@detnews.com.