Financing Forms For Royal Oak's 400 Main Street Project / by Kelsey Courtley

Michigan Construction News

Last week the project developer of the 400 Main LLC mixed use project
appeared before Royal Oak’s Downtown Development Authority for its help
in getting the $60 million development underway.

Greg Erne of Versa Development, Southfield, asked the DDA to approve a
tax incremental financing plan for the project. It’s needed to win secure
funding from the Michigan Economic Development Corporation from its
Community Revitalization Fund.

The project’s site is the former location of the Jim Fresard auto dealership
and is to involve the construction of several buildings. Besides an eight
story, 114 room Hyatt Place hotel, it will feature an eight story apartment
building with 82 units, a five story office building with at least one restaurant,
and a three story building with retail tenants. There’s also to be a four level
parking structure for up to 400 vehicles.

The property is located on the southwest corner of Main and Sixth Streets.
Listed as architect is Krieger-Klatt Architects Inc., Royal Oak, and T.H.
Marsh Construction Company, Royal Oak, as construction manager.
The DDA is supposed to be working on the request at its March 1st work
session for consideration at a later meeting. The current project schedule
still anticipates groundbreaking later this year.