Chase-Financed Renovation Project Kicks Off at Capitol Park Building
- May 21, 2015
By Veronica Grecu, Associate Editor
The century-old Capitol Park Building in downtown Detroit is finally being renovated into a new lofts and retail project. Crain’s Detroit Business reported that earlier this week Mayor Mike Duggan, JPMorgan Chase Chairman and CEO Jamie Dimon and other officials celebrated the official start of construction during an event that was held at the site.
The 72,000-square-foot project is estimated to cost nearly $23 million and is part of JPMorgan Chase’s commitment to invest $100 million in the Detroit’s recovery over five years. Since May 2014, Chase invested $34 million in financing for the 13-story Detroit Savings Bank building located at 1212 Griswold—which reopened in February as a mixed-use structure with 56 apartments and office space—and the upcoming redevelopment of the Capitol Park Building.
“JPMorgan Chase is helping the city address a number of tough challenges,” said Detroit Mayor Mike Duggan in a prepared statement. “With their support, innovative programs are investing in new housing, more people are graduating from job training programs, rehab loan financing is available to homebuyers and there’s greater support for small businesses. Their long-term commitment is making a real impact,” he added.
Named Capitol Park Lofts, the renovation project is spearheaded by Karp and Associates of Lansing, MI, with conceptual plans created by Kraemer Design Group. It calls for a thorough transformation of the 11-story building into 63 market-rate apartments and nearly 19,000 square feet of retail space. According to Crain’s, work at the new Capitol Park Lofts is expected to wrap up by spring 2016. Around 60 construction jobs will be created during the renovation process.
Rendering credits to Kraemer Design Group