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United Artists Building developer seeks $6 million in additional public funding

The developer of the United Artists Building downtown is looking for approval of an additional $6 million in public funding to help finance the project. Emmett Moten Jr., the Detroit developer spearheading the long-delayed project, is asking the Downtown Development Authority to approve another $4… ....

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Cost to redevelop Ilitch-owned United Artists Theater building jumps $12 million

The housing development is moving forward again after encountering $12M+ in higher costs due to the COVID-19 pandemic. ....

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United Artists Building project gets additional $2 million in state funding to close financing gap

United Artists Building project gets additional $2 million in state funding to close financing gap
United Artists Building project gets additional $2 million in state funding to close financing gap
Construction costs again swell; project now pegged at $85.6 million
Work would begin this summer, pending financing being finalized
CoStar Group Inc.
The developer trying to convert the vacant United Artists Building on Grand Circus Park into apartments has secured another $2 million in state financing for the project.
The long-delayed United Artists Building redevelopment into apartments has received another $2 million in state financing, upping the state s stake to $7 million, to help close a financing gap caused by yet another round of increased construction costs. ....

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Ilitch-owned United Artists Theater redevelopment back on track

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The redevelopment of the long-vacant, 18-story United Artists Theater building in downtown Detroit into nearly 150 apartments is moving forward again after delays and cost increases resulting from the COVID-19 pandemic.
The pandemic and recent price spikes for construction materials have pushed up the project s costs by about $12 million to likely over $80 million. It also pushed back the anticipated start of construction by more than a year to this July or soon after.
On Tuesday, the Michigan Strategic Fund in Lansing approved a $2 million increase to the project s community revitalization loan to help cover the rising costs. The rest of the gap will be filled through various other funding sources, including a $7.6 million increase in the project s Housing and Urban Development loan and an additional $1 million from the city. ....

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