Original Cadillac Headquarters in Detroit Being Converted into 90 Loft Apartments
The former home of Cadillac Motor Car Co. in Detroit’s TechTown district will be transformed into 90 loft apartments — 20 percent of the units will be affordable housing at 80 percent AMI. It is slated to open in summer 2025.
The historic project, located at 450 Amsterdam St., between Cass and Second avenues (east of the Henry Ford Detroit Pistons Performance Center), was financed by Greatwater Opportunity Capital with its partners Fifth Third Bank, Invest Detroit, JPMorgan Chase, Michigan Economic Development Corp., and the City of Detroit.
The three-story, brick structure was acquired for $3.35 million in April 2022 by Greatwater Opportunity Capital. When complete, the project will require more than $26 million in investment.
The building will retain its existing shell with the interior transforming into a multi-family apartment building with multiple amenities including central air conditioning, in-unit washer/dryers, secured gated parking, indoor bike storage, and a resident gym.
Outdoors, the project will feature a patio complete with a kitchenette, grills, a bathroom, and seating.
“This wonderful new project by Greatwater adds to the growing list of formerly vacant automotive plants in the city being redeveloped into mixed income housing, including the nearby Fisher Body 21 and Studebaker plant projects,” says Detroit Mayor Mike Duggan.
“450 Amsterdam will bring much needed housing to the heart of a vibrant district anchored by the Piston’s Performance Center and new MSU medical research facility now under construction as part of the $3 billion Future of Health development (by Henry Ford Health).”
Built in 1905, 450 Amsterdam was originally the main Cadillac Motor Car Co. Assembly Plant. The company was founded by Henry Leland in 1902 from the remnants of Henry Ford’s second automotive company.
The building, designed by famed architect George D. Mason, is one of the first reinforced concrete structures, which offers protection from fire and vibration along with more floor and window space.
Cadillac occupied the building until 1920, when a new facility was built at Michigan Avenue and Clark Street in southwest Detroit. The 450 Amsterdam building was then purchased by Louis Rose of Rose Realty Co. in 1954. Westcott Paper Products was a tenant in the building.
In 1965, Westcott purchased the building, which served as their headquarters until 2022.
As the birthplace of Cadillac Motor Car Co., nearby the automaker built 6001 Cass Avenue, which was the original location of the Cadillac LaSalle Sales and Service Center. The building was redeveloped by The Platform, and today is home to Tata Technologies.
Jonna Construction in Detroit is the general contractor for 450 Amsterdam, and McIntosh Poris Architects in Birmingham is the architect/designer for the project.
“This is one of Detroit’s most transformative historic renovations,” says Matthew Temkin, co-founder of Greatwater Opportunity Capital. “Greatwater has a terrific team of funding partners at the table, and we can begin bringing our dream to reality.”
Funding partner details include:
Greatwater Opportunity Capital is contributing $12 million in equity from its Greatwater 9 LLC Qualified Opportunity Zone Fund,
Fifth Third Bank is providing the lead loan of $9.5 million, and providing a $2.1 million bridge loan for the Historic Tax Credit Equity,
JPMorgan Chase is providing $3.2 million in Federal Historic Tax Credit equity,
Invest Detroit is in with a participatory loan for $2 million,
City of Detroit is including a NEZ tax abatement with the affordable housing, and
Michigan Economic Development Corp. is helping to secure brownfield tax increment financing to offset the additional costs associated with converting an industrial building to residential use.
“The historic legacy of this property is what first attracted Fifth Third to this project,” says David Girodat, regional president of Fifth Third Bank, Eastern Michigan in downtown Detroit. “Once we learned more about the scope of 450 Amsterdam and the strength of the other community partners around the Greatwater table, we knew we had to get involved. Fifth Third has a long history of supporting the creation and preservation of affordable housing across Detroit, and we are proud to support this project.”
Real the full article here.
