DETROIT – Abandoned for decades, one of Michigan’s biggest eyesores could soon be transformed into an entertainment destination.
Detroit Mayor Mike Duggan announced today that the City has signed a letter of intent with a proven developer to transform 28 acres of the former Packard Plant site into housing, an electronic music museum, and an indoor skate park.
A legacy Albert Kahn-designed building along W. Grand Boulevard would be included in the project which is aimed at creating jobs, preserving history, and establishing new housing options.
“Five years ago, the Packard Plant was still standing as Detroit’s most iconic ruin, continuing to drag down the surrounding neighborhood,” said Mayor Duggan. “It took an incredible amount of work to gain title to the property and tear down everything that could not be saved in hopes for a day like this.”
The proposed project will include a new 393,000 square foot, Class-A industrial building designed to create 300 permanent manufacturing and construction jobs, and a renovated 117,000 square foot legacy Albert Kahn Building for:
- 42 “make/live” affordable housing units
- Detroit’s first indoor skate park
- The Museum of Detroit Electronic Music (MODEM)
- Creative community programming areas
- More than two acres of indoor/outdoor public space and recreation areas.
The development is estimated to cost more than $50 million to construct and is projected to be completed by 2029.
“For more than 60 years this site sat idle. Today, we declare that those days are over,” added Detroit Mayor-elect May Sheffield. “This is how we honor our past while building our future — by preserving history, creating jobs, expanding housing, and investing in culture and community all at once.”
City officials say funding for the project will come from a layered financing capital “stack,” including equity investment, commercial debt, philanthropy and various tax credits, along with state and local economic development tools.
