EDC selects developer for Michigan and Trumbull blocks of historic Tiger Stadium site

12/16/2014

 

 

The Economic Development Corporation (EDC) of the City of Detroit today selected Larson Realty Group and its Tiger Stadium Partners, LLC, to develop the Michigan and Trumbull blocks of the historic Tiger Stadium site. Members of the Tiger Stadium Partners team include Larson Realty Group, Jenkins Construction, Heritage Development, Rossetti Architects, Stokas Bieri Real Estate and University of Michigan Sports Management locally, as well as The Pauls Corporation, Fundrise and Popularize nationally.

The approximately $33 million project includes a four-story building along Michigan with approximately 30,000 sq. ft. of ground floor retail and 102 residential units, an average of 800 sq. ft. each. In addition, the plan calls for 24 town homes along Trumbull that could be a for-sale product. Tiger Stadium Partners are considering an alternative plan that would increase the density along Trumbull to a total of 141 units. They have committed that 20% of all of the units will be affordable housing.

Community involvement is a critical component of this project and Tiger Stadium Partners has committed to:

 

  • Use a crowd financing program with a focus on Detroiters that will allow many individuals to become investors in the project;
  • Use a comprehensive business and workforce participation and outreach plan consistent with the efforts of other major development projects;
  • Engage with existing programs such as the EDC’s Commercial Corridor Revitalization program and Hatch Detroit, to promote entrepreneurial opportunities and provide half of the retail space at reduced rental rates for local entrepreneurs;
  • In addition to traditional neighborhood meetings, utilize the website www.RevivetheCorner.com for the community to interactively engage in the future of the site and provide feedback on the design, business and retail needs for the neighborhood; and
  • Assist the neighborhood with improving future appraisal values by potentially providing for-sale product.

 

"The decisions made today preserve the history of Tiger Stadium while at the same time providing for the future of the Corktown neighborhood, two historical sites important not only to our city but the region as well," said Rodrick Miller, president and chief executive officer, Detroit Economic Growth Corporation.

"This project is a great example of a true partnership between a developer and the community that will create opportunities for both," he added.

"Our project vision is to transform this storied site into an activated, mixed-use development that builds on the Corktown neighborhood’s vibrancy and history while providing economic opportunities for generations to come," said Eric Larson, president/CEO, Larson Realty Group.

"We recognize the importance of diversity and local participation and are proactively looking to expand opportunities for Detroit-based companies and individuals."

At the same meeting, the EDC also approved a plan and budget presented by Detroit PAL and The Old Tiger Stadium Conservancy (OTSC) to develop the historic Tiger Stadium site along Cochrane Street, including the playing field.

"Detroit PAL is thrilled at the opportunity to redevelop the original Tiger Stadium field to achieve our mission of building character in the more than 12,000 young people that we currently serve and the thousands more we will be able to serve through this project," said Tim Richey, CEO of Detroit PAL. "The new stadium will serve as a beacon for old Tiger Stadium enthusiasts and bring back wonderful memories for all of us who enjoyed ballgames at this historic corner. This will provide us the ability to build Detroit PAL’s new headquarters/conference and historical interactive center while creating a new Field of Dreams for Detroit kids at the old Tiger Stadium location. Please visit detroitpal.org for more information about the project or to contribute to benefit the thousands of kids and families that will enjoy this hallowed ground."

Designed by Pendulum Studios, a Kansas City, MO, design and architectural firm specializing in sports facilities, the project will include the restored baseball field with a gated entryway, ticket booth, historic memorabilia, lights, scoreboard, covered dugouts, homerun fence, seating for 2,500 spectators, covered pavilion and locker rooms. In addition, PAL will construct a new 9,300-sq-ft headquarters building that will include a banquet facility overlooking the field.

The total cost of the project is approximately $11 million and PAL expects to utilize $3 million of the $3.8 million federal earmark for it. The balance of the approximately $8 million is expected to be raised through grants and an extensive fundraising campaign.  Detroit PAL and OTSC have set fundraising milestones between June 30, 2015 and March 31, 2016, to maintain interest in the site.

The 9.5 acre site is owned by the City of Detroit, which requested the EDC to manage its redevelopment. Under a Memorandum of Agreement (MOU), Detroit PAL and OTSC agreed to present the proposed plan and budget for the Cochrane Street site. In addition, the EDC issued an RFP for the redevelopment of the Michigan Trumbull corner. The developer selection came from a six-month process, and the evaluation committee included: three members from the Mayor’s administration, including the Director of Neighborhoods and Director of Housing and Revitalization, the District Manager, a member from the community, a representative from Invest Detroit, a representative from the banking community and a representative from Michigan Economic Development Corporation.

Editors Please Note:
Downloadable images provided by Tiger Stadium Partners and PAL/OTSC may be found at:
https://mccicorp.box.com/s/uu2fs2reqie8xjvcaot1

About DEGC:
Detroit Economic Growth Corporation (DEGC) is a non-profit organization that serves as the lead implementing agency for business retention, attraction and economic development initiatives in the city of Detroit. DEGC is led by a 60-member board comprised of business, civic, labor and community leaders. Its 40 professionals provide staff services for key public authorities that offer tax credits and other forms of financing for projects that bring new jobs or economic activity to the city. Among them: the Downtown Development Authority (DDA), Detroit Brownfield Redevelopment Authority (DBRA), Economic Development Corporation (EDC), Neighborhood Development Corporation (NDC), Local Development Finance Authority (LDFA), and Tax Increment Finance Authority (TIFA). DEGC also provides planning, project management and other services under contract to the City of Detroit.(www.degc.org)

About Larson Realty Group
Larson Realty Group is a privately owned, Bloomfield Hills, Michigan-based company engaged in real estate investment, development, asset management, leasing and consulting founded by Eric B. Larson and his late father Robert C. Larson. The Group develops and invests in office, retail, industrial, residential and mixed-use properties. Larson Realty Group brings an entrepreneurial approach to its activities, emphasizing timely, market responsive, owner oriented decision-making. The Group's success is tied to sustainable growth of the cities and communities we have a presence. Larson Realty Group has a vested interest in the future of the urban landscape and achieves maximum value through the creation of attractive vibrant cities which people choose to live, work and play. (www.larsonrg.com)

Media contact:
Sharon McMurray
313-300-5494