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The 640 Temple Redevelopment Project will rehabilitate the former Standard Accident Insurance Co. building located at 640 Temple Street across from Cass Park in Detroit. The 190,000 square foot Albert Kahn designed building opened in 1920 and is located in the Cass Park Historic District. An estimated investment of $70 million will construct a 100-room boutique hotel, 70 apartments, a restaurant and meeting space and a roof-top pool.
The 640 Temple project posed significant financing challenges. Historic rehabilitation projects are always costly, but this project was further hindered by brownfield challenges as well. The redevelopment of this 190,000 square foot building containing hundreds of historic windows, antiquated mechanical, plumbing and electrical systems, and all on an environmentally contaminated site required creative solutions implemented by a team of experts.
AKT Peerless assisted the development team with conducting all environmental due diligence for the acquisition and operation of the site and completed the Documentation of Due Care Compliance (DDCC).
Additionally, AKT Peerless leveraged several sources of economic development incentives which included: 1) tax increment financing (Brownfield Plan and Act 381 Work Plan); 2) Obsolete Property Rehabilitation Act (OPRA) tax abatement; 3) Community Revitalization Program (CRP) loan; 4) Federal Historic Tax Credit; and 5) mezzanine financing from Invest Detroit.