Detroit’s David Broderick Tower Completes Financing Plan, Renovation Begins


DETROIT, Mich., Dec. 27, 2010 — Motown Construction Partners, LLC (Motown) announced today that project financing has been secured and work is scheduled to begin immediately on the dramatic transformation of the 34 story Broderick Tower, an historic landmark structure centrally located in Downtown Detroit at Grand Circus Park and Woodward Avenue in the heart of Detroit’s burgeoning sports and entertainment district.

Working with Bank of America, Invest Detroit, Chase Bank, N.A., the Michigan Historic Preservation Network, and a host of supporting professional firms, Motown has secured the necessary financing to move forward on this long anticipated $50+ Million redevelopment project.

“Bank of America has committed significant resources to the City of Detroit and the Broderick Tower because we believe in its tremendous potential,” said Kieth Cockrell, Michigan Market President, Bank of America. “With so many vital projects coming on line, we are excited about being a partner in sustaining the momentum of reshaping our communities. This effort will not only bolster economic development but also create employment opportunities and bring housing options to the residents of Detroit.”

“Invest Detroit is pleased to support the renovation of Detroit’s landmark Broderick Tower through its managed funds and New Markets Tax Credits,” said Mary Seaburg King, Vice President, Invest Detroit. “This project will serve to build on the city’s resources, promote job creation, and support area businesses to help drive additional economic activity in Downtown Detroit.”

JC Beal Construction Inc., which assisted the members of the ownership group in assembling the project, will act as the Construction Manager for the renovation and implement the interior design and exterior restoration specified by the project architect, Kraemer Design Group of Detroit.

“We are pleased to be a member of the team that is bringing this project to fruition,” said Fred J. Beal, President of JC Beal Construction Inc. “It is extraordinarily difficult to assemble a complex real estate financing such as this in the current lending environment, and it is a tribute to the ownership group, the lenders, and our consultants that we have successfully pieced together all of the key components to this complex transaction. We look forward to launching into the construction phase of the work in the next few weeks, and to restoring this historically significant building to its former glory as a grand gatepost to Downtown Detroit.”

“We are very excited that this project, so significant for the City of Detroit, is finally ready to move forward,” stated Bob Kraemer, Principal of Kraemer Design Group, PLC. “I think just about everyone in our office has touched this project in some form or another. The design process for the Broderick was complex, and coupled with the historic aspect of the renovation made this one of our most complicated projects to date. Everyone on the Broderick team has worked incredibly hard and we all look forward to the construction starting soon.”

Broderick Tower is owned by a group of individuals and entities, including the Higgins Family Trust, all of whom are dedicated to restoring Detroit’s glorious past for an exciting future with the redevelopment and renovation of this historic skyscraper to its former magnificence.

“This is an historic moment in the revitalization of Downtown Detroit and the Broderick Tower ownership group is thrilled to be a part of it,” remarked Roger John Lesinski, member and representative of the ownership group. “We’re committed to do our part to accelerate Detroit’s rebirth with the restoration and renovation of this truly iconic property.”

Upon completion of renovations in September 2012, Broderick Tower will house a restaurant and lounge, Invest Detroit’s Incubator, and 127 apartments on floors 5 through 34 with spectacular multi-directional views.

Apartments will range in size from 422 square feet studio units to 1027 square feet two bedroom units on floors 5 through 24. Floors 25 through 34 are designated as “Sky Top Penthouses” featuring 35 apartments from 616 square feet to 2200 square feet, upgraded amenities, a dedicated elevator and some of the highest panoramic views from a residential building in the State of Michigan.

The exterior renovation will transform Broderick Tower to the glory and grandeur of its unveiling in 1928 when it first pierced the skyline of Detroit. The existing façade of the building will be extensively cleaned and restored. Exterior lighting will be added to highlight the terra cotta and stone details on the façade as well as the crown at the top of the Building.

Interior renovations will preserve the existing historic lobby but otherwise bring the building up to modern day standards with state-of-the-art technology and design to sustain Broderick Tower as a unique, exciting historic Downtown residential and commercial landmark.

Broderick Tower, designed with neoclassical architecture, Chicago school and Beaux- Arts design, was originally constructed as the Eaton Tower under the direction of famed architect Louis Kamper. When completed in 1928, it became one of Detroit’s most magnificent structures and the second tallest skyscraper in Michigan.