While that's a bit of a joke, it does look like the General's gone and decided to build some brand new condominiums on the Detroit River. They've announced this morning a working partnership with Hines, the international real estate firm, to develop six acres on the Detroit River just east of its Renaissance Center headquarters in downtown Detroit. It'll be a mixed-use development that will be largely residential — 600 luxury condos selling for anywhere between $300,000 and $1 million. While we've got to commend the automaker for trying to help rebuild a blighted downtown city center — maybe there are other issues they maybe should be focusing on first. Considering the current state of both General Motors and the other members of the club formerly known as the "Big Three," maybe it's not so much the best idea to be betting on a resurgence in downtown Detroit's real estate market — especially on the "luxe" end of the spectrum. But what do we know — one of us only lives here and stuff. Full press release after the jump.
Hines And GM Partner To Develop Condominiums On The Detroit River
DETROIT - Hines, the international real estate firm, has formed a partnership with General Motors to develop six acres fronting on the Detroit River directly east of GM's global headquarters at the Renaissance Center. The mixed-use development in downtown Detroit's best riverfront location will be largely residential, designed to take advantage of premier waterfront property which offers spectacular views along with the many amenities offered in the GM Renaissance Center.
Hines will be responsible for the financing and construction of the condominium development on GM's surplus property. By contributing the property for the project, GM will receive a portion of future revenues from residential sales. Additional development partners are likely to be included in the project. Built Form, a design architect, and The Kramer Group, interior design consultants have been contracted for the project.
The first building planned for the development is a luxury residential tower to be located on a one-acre site east of the GM Renaissance Center between Beaubien, St. Antoine and Atwater streets.
The Hines-GM developments will anchor the Detroit RiverWalk, a five-mile lineal park along the river which will ultimately span from the Ambassador Bridge to beyond the MacArthur Bridge at Belle Isle into Gabriel Richard Park. The RiverWalk offers beautiful, natural landscaping, and a place to walk, jog, or bike while enjoying the view.
The GM Renaissance Center will provide a variety of amenities for this upscale project, including retail, restaurants, a fitness center, banking, valet parking, a post office and a movie theater. Condominium residents will enjoy 24-hour security in the immediate area.
A date for announcing specific development plans and construction schedules has not yet been determined.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The Hines portfolio of projects underway, completed, acquired and managed for third parties includes more than 950 properties representing approximately 380 million square feet of office, residential, mixed-use, industrial, hotel, medical, retail and sports facilities, as well as large, master-planned communities and land developments. With offices in 67 U.S. cities and 15 foreign countries, and controlled assets valued at approximately $16 billion, Hines is one of the largest real estate organizations in the world. Visit www.hines.com for more information.
General Motors Corp. (NYSE: GM), the world's largest automaker, has been the annual global industry sales leader for 76 years. Founded in 1908, GM today employs about 280,000 people around the world. With global headquarters in Detroit, GM manufactures its cars and trucks in 33 countries. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. More information on GM can be found at www.gm.com.
GM in Detroit: Rolling on the Riverwalk [internal]