Economic Development Corporation Approves $1.0 Million Loan for Woodward Theater



Published:

DETROIT – The Economic Development Corporation of the City of Detroit has approved a $1.0 million loan towards the restoration of the historic Garden Theater at 3919 Woodward Ave. as a performance, retail and conference center that will be renamed the Woodward Theater.

“This is a very important step forward for an anchor development in Midtown,” said Brian Holdwick, executive vice president for business development at DEGC. “It is an excellent example of using several historic structures as the foundation for new investment and economic growth, because it brings together entertainment, retail stores, office space and eventually, much needed rental housing.”

The renovation is the third phase of a mixed-use development across the entire 3900 block of Woodward Ave. Named Woodward Garden, the development also includes an office building and parking structure and anticipates building a number of apartments as well. The Michigan Strategic Fund is providing $750,000 from its Michigan Community Revitalization Program to fund the loan, and the Detroit Casino Loan Fund will provide the other $250,000.

The Woodward Theater was designed by C. Howard Crane, the architect who also designed Orchestra Hall and the Fox Theatre. The developer, Woodward Theater LLC estimates the cost of renovating it at $12.3 million. It will include a performance venue that will seat 1,300 people and a number of other meeting rooms.

The developer has also been approved for a SmartBuildings Detroit grant to make energy-saving improvements to the building.

“It’s a great day,” said George Stewart, managing partner for the developing group. “It shows what you can do in Detroit when you get all the right parties committed to a project. We appreciate the way the EDC and Michigan Strategic Fund were able to act within a very short time frame; without these funds we would not be able to proceed.”

Brian Holdwick, executive vice president for business development at DEGC said, “This is a very important step forward for an anchor development in Midtown. It is an excellent example of using several historic structures as the foundation for new investment and economic growth, because it brings together entertainment, retail stores, office space and eventually, much needed rental housing.”

MEDC president and CEO Michael A. Finney said, “This project will strengthen midtown Detroit and act as a catalyst for a viable residential neighborhood by redeveloping an obsolete building into a vibrant entertainment venue. Through the Michigan Community Revitalization Program, we can offer quicker access to funding assistance for developers while affording lower costs and greater flexibility.”

Edit Module
Edit Module Edit Module
Edit ModuleShow Tags

Related Articles

The Fountain Restaurant Rolls into Campus Marius

The Fountain Detroit, a restaurant and bar arrived in the unique beach area at Campus Maritus Park this morning in preparation for the 2016 summer season.

Giant Hot Dog Added to Mackinaw City Diner

Pilot Progam Launched to Promote Healthy Lifestyles in Communities

A new community-based pilot project to promote healthy behaviors and lifestyles within communities has launched in Royal Oak.

Alaskan Outfitter Opens First Michigan Store in Detroit

Filson, a Seattle-based manufacturer and outfitter, has opened the doors to its first Michigan store in Midtown Detroit today.

The Townsend Hotel Unveils Final Phase of Renovations

The Townsend Hotel , an award winning and luxury hotel in Birmingham, is unveiling plans for the final phase of its ongoing modern luxury makeover, which began in 2012.
Edit ModuleShow Tags

Most Popular

  1. Ann Arbor’s TITLE Boxing Club Adds New Owners
    Ann Arbor-based TITLE Boxing Club International— which has grown to 150 boxing clubs from 20...
  2. Detroit Denim Co. Opens New Location, Launches Additional Product Lines
    Described as a new manufacturing center in the Motor City, Detroit Denim Co. opens its new...
  3. Detroit’s Metropolitan Building to be Converted into Extended-stay Hotel
    Starwood Hotels & Resorts Worldwide Inc. and two local partners will convert the historic...
  4. 3 Beaumont Hospitals to Offer Non-Emergency Heart Procedure
    Beaumont hospitals in Farmington Hills, Trenton, and Wayne have earned approvals to perform...
  5. New Nonprofit Plans to Build Market-rate Homes, Apartments in Detroit
    With the goal of investing in Detroit’s communities and creating increased access to housing...
  6. French Firms Plan Visit to Troy to Study Autonomous Vehicles
    An event focused on connected and autonomous vehicles for French businesses looking to gain...