The Downtown Development Authority of the City of Detroit (DDA) approved a comprehensive plan to redevelop nine properties in a historically significant pocket of downtown with a $52.4 million investment in new construction and renovations.
The Paradise Valley Cultural & Entertainment District project includes the simultaneous redevelopment of five existing buildings and new construction on four surface parking lots that surround Beatrice Buck Park. The five local developers chosen for the project expect to build or refurbish spaces for new residential units, retail stores, offices, restaurants, entertainment venues and a boutique hotel over the next three years.
Unlike other projects where developers might have come from other cities, states or countries, the City is selling these properties to developers with a strong presence in Detroit, who will revive this district together. Several of the developers, including Rainy Hamilton, Hiram Jackson and Ismail Houmani, already have a presence in Paradise Valley.
For more information on the project, go to: www.detroitmi.gov/News/ArticleID/888/DDA-approves-5-Detroit-based-firms-to-redevelop-Paradise-Valley-Cultural-Entertainment-District