Detroit Mayor Mike Duggan along with representatives from the Detroit Economic Growth Corporation, the Downtown Development Authority of the City of Detroit and the Detroit City Council announced plans today for new developments in Detroit’s’ historic Paradise Valley. The press conference was held at Beatrice Buck Paradise Valley Park in the heart of the new Paradise Valley Cultural & Entertainment District. The $52 million project, the mayor said, will benefit Detroiters, not just developers. “We will do it in a way that will honor and revive the rich cultural history of Paradise Valley and ideally we would have significant business opportunities and ownership opportunities for longtime Detroiters… through an open and competitive bid process,” said Mayor Duggan. The effort he said is simply “Detroiters rebuilding Detroit.”
Moddie Turay Executive Vice President of Real Estate of the DEGC said the 3-year project consists of redevelopments of five buildings and four parking lots for commercial and residential use and the development and maintenance of public spaces like Beatrice Buck Paradise Valley Park.
Turay said 15 development bids were submitted for consideration and five Detroit-based developers were chosen.
Rainy Hamilton, Jr., President of the Hamilton Development Corporation will invest $7.5 million to develop the Randolph Centre Building at 1435 Randolph. Hamilton said this development includes improvements to the Detroit Seafood Market, the creation of retail spaces, a jazz club and jazz alley.
Patricia Cole of the 311 E. Grand River, LLC said her group will develop the Harmonie Club Hotel, a boutique hotel, at 311 E. Grand River. Cole and her group will invest $13.6 million for the hotel and said she is excited to contribute to new developments in the city of Detroit. “It gives me an incredibly proud feeling to be a part of the history of Detroit. I never imagined that. It was never a part of my master plan, but when we complete this building, my name is going to be on the space that it stands,” said Cole. In addition to its 25-30 rooms, the Harmonie Club Hotel will have a theater for performances and events.
Ismail Houmani of La Casa Properties, LLC will redevelop 1502 Randolph, the current home of La Casa Cigars and Lounge. Houmani said this $1.47 million development will consist of renovations to its current space and the addition of 1,600 square feet of new residential space. “I started this business seven years ago in the depths of a recession an have been open continuously since. I am excited to welcome all the other developments and the new retail, restaurant and entertainment it will bring to the neighborhood,” Houmani said.
Hiram Jackson and the Paradise Valley Real Estate Holdings II, LLC will invest $27 million to develop 1468, 1480 and 1496 Randolph. This 85,000 square foot development will be called Hastings Place and will house the Michigan Chronicle, retail and office spaces, residential space and 150 parking spaces. Jackson said, “17 percent of the residential space will be affordable to make sure that it’s inclusive to all residents. We cannot stand still and be satisfied until every resident in this town is benefiting from the growth and prosperity of the Detroit we see today.”
Dennis W. Archer, Jr., Esq. and Gotham Capital Partners will develop Harmonie Pointe at 1407 and 1427 Randolph. Harmonie Pointe will house restaurants and office spaces. Archer said Detroit residents will have the opportunity to benefit from this development. “We’ve committed to make 20 percent of our equity available to the general public. This is about the community and people feeling like they can invest and own a building in downtown Detroit whether they are a schoolteacher, a UPS delivery truck driver or janitor,” said Archer.