Another long left for dead icon of Detroit is scheduled to get a new life. The long abandoned Lee Plaza on West Grand Boulevard is scheduled to get a $200 million dollar redevelopment into luxery, market rate apartments. Completion of the project is scheduled for the fall of 2017.
More from the Detroit News article.
The $200 million project will include redevelopments to two adjacent lots as well as the addition of moderate, low and very low-income housing, said Sasser, 63-year-old managing member and CEO of Moneta Energy, LLC.
“It does take every layer to build a village,” he said.
Sasser detailed the project during the 11th annual Breakfast of the Boulevard for the West Grand Boulevard Collaborative organization.
“Development has always been in my heart,” Sasser said, adding his 88-year-old mother has been involved in around $5 billion worth of redevelopment projects nationwide. “When you see a good project, you know it.”
The Lee Plaza closed in 1993 and has fallen into disrepair since, Sasser said.
“This is a symbol of the shame and decline of what we as citizens have allowed to happen to our city,” Sasser said. “We can’t blame others. We are the solution.”
The hotel has been stripped to the studs but remains standing on a solid foundation of concrete and steel, he said.
“We don’t have to build from the ground up,” Sasser said. “It’s totally sound.”
It also is located in a developer’s dream spot.
“In real estate, it’s location, location, location,” Sasser said. “This is right next to the booming areas of Detroit. Downtown and Midtown are minutes away.”
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