State loans and brownfield tax incentives have been approved to turn an old building on Temple in Detroit into a 100-room hotel.
In it’s heyday it was the Standard Insurance Building,
designed in 1920 by famed architect Albert Khan.
Temple Group Holdings went to the Michigan Community Revitalization Program and the Michigan Strategic Fund to get financial backing beyond what it can get from it’s lender.
A 5 pt 7 million dollar loan and nearly 5-million in brownfield tax incentives will help clean up the site and turn the 7-story building into a boutique hotel and banquet facility, with apartments on the top two floors.
The developer acquired the property from the Wayne County Land Bank.
The hotel is expected to employ 80 workers.
