10 Witherell Avenue, Detroit
(Printable PDF Version)
 THE PROPERTY
The David Broderick Tower, built in 1928, is located at Woodward on Witherell Street at the edge of Grand Circus Park. Originally named the Eaton Tower, it was designed by Louis and Paul Kamper and was the second tallest building in Michigan when it was built. At thirty-four stories, the Broderick Tower is an impressive column of architecture that features elements of Beaux Arts detailing in the upper ten floors. Originally tenants included various businesses on the office floors, and retailers on the first floor. In 1945, the building was purchased by David F. Broderick, who renamed the building after himself. In 1976 the building was purchased again, although by 1991 the owners filed Chapter 11 federal bankruptcy. The building has been vacant since that time with the exception of a first floor restaurant.
THE PROJECT
This site was selected for its incomparable location, historical significance, and the potential to connect to an underground parking garage via a tunnel. The north face of building has sight lines directly into Comerica Park. The Broderick Tower will be re-development into ground floor retail, 4 floors of office and 29 stories of loft style apartment or condominium residences. The project cost will be nearly $44 million dollars and will require substantial façade work, replacement of all systems and a total gut/rehab of all floors.
AKT PEERLESS' ROLE
AKT Peerless Environmental Services was selected to support the project team and identify Brownfield and other incentive programs necessary to offset the massive costs to redevelop the property. The diverse and talented nature of AKT Peerless’ staff allows us to provide unique services for our clients that other firms often cannot provide:
· Complete building-wide Asbestos Survey.
· Brownfield Redevelopment Plan – includes both tax credits and tax increment financing of over $3 million of eligible activities.
· Brownfield Redevelopment Single Business Tax Credit – approval of a maximum of over $3.9 million dollars for this Project.
· Obsolete Property Rehabilitation Act (OPRA) – established an OPRA District that will provide up to 12-year tax abatement on the commercial uses in the building
· Neighborhood Enterprise Zone District (NEZ)- established an NEZ District that will provide up to 15-year tax abatement for investors and residents of the units.
RESULT
In total, Brownfield and other financial incentives secured for this project are estimated to be $9 million dollars.
(Printable PDF Version)
For more information, please contact Robert Lambdin
in our Farmington Office at 248.615.1333.
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