The Capitol Park Building has a bright future, thanks to a $1 million award from the Michigan Strategic Fund (MSF).
The 72,000 square foot building at the corner of Griswold and State streets is expected to house 14,900 square feet of retail space and 63 new residential units. The entire renovation investment is close to $22.7 million and will create about 60 jobs.
Part of the Michigan Community Revitalization Program incentives, the award is one of two that the Michigan Economic Development Corp. believes will create $27.7 million in investment and add 116 new jobs in southeast Michigan.
Reports say Richard Karp, managing partner of Karp and Associates and one of the developers working on the Capitol Park project, said he had secured $38.5 million in financing for the renovation of the former United Way building at 1212 Griswold. So far, plans include adding 56 loft apartment units and new office space for almost 200 Archdiocese of Detroit employees.
Projects in the City of Detroit aren’t the only ones getting awards.
The MSF also awarded $798,000 for the $5 million renovation of a former Sears auto repair garage in Wyandotte at 3063 Biddle Ave. It will accommodate a restaurant, commercial/retail space, nine loft-style apartments, and office space.
