The Ilitch family’s development company announced on Monday its intentions to invest around $200 million in renovations and construction downtown as part of its District Detroit Project. Phase 1 of Olympia Development’s ambitious project included the Little Caesars Arena just north of I-75 and Phase 2 is set to bring 405,000 square feet of office space and 68 square feet of retail space to Downtown and the District Detroit.
Two of the three buildings to be renovated are located on Park Avenue behind the soon-to-be-opened Little Caesars World Headquarters on Woodward Avenue while the third building stands on Cass and Adams next to the Grand Army of the Republic Building and Beacon Park on Grand River Avenue. Details for the three buildings slated to be renovated are below.
2110 Park Avenue: 6 stories; 47,000 sq. ft. of office space; 10,000 sq. ft. of retail space; $25-million cost
2210 Park Avenue: 10 stories; 32,000 sq. ft. of office space; 6,000 sq. ft. of retail space; $17-million cost
1922 Cass Avenue: 6 stories; 66,000 sq. ft. of office space; 8,000 sq. ft. of retail space; $23-million cost
Olympia Development is also planning to construct three new buildings around the Little Caesars Arena. One development will fit between the arena and the Mike Ilitch School of Business on Woodward Avenue and the other two will be on Henry Street immediately southwest of the arena. The two Henry Street buildings were originally designed to house residential units but “surging demand for Class A office space” in Downtown Detroit changed those plans. Details are below.
2715 Woodward Avenue: 5 stories; 110,000 sq. ft. of office space; 17,000 sq. ft. of retail space; $65-million cost
111 Henry Street: 7 stories; 50,000 sq. ft. of office space; 7,000 sq. ft. of retail; $20-million cost
120 Henry Street: 6 stories; 100,000 sq. ft. of office space; 20,000 sq. ft. of retail; $48-million cost
A seventh building, located at 2218 Park Avenue, is being reviewed for possible redevelopment and is currently in an “early feasibility study.” This building behind the Little Caesars World Headquarters would be converted into residential units with street-level retail space.
By Jared Hoffman
Research Associate, JMJ Phillip Group