Environmental and Economic Development services for the historic rehabilitation and construction of hotel and retail space in downtown Detroit.
The Cambria @ The Ashton is a creative, historic rehabilitation and new construction project in Detroit’s Commercial Business District. The $47 million project broke ground in the Fall of 2019 and is expected to be completed within 18 months. The completed project will deliver an estimated 156 hotel rooms, street level retail space, a 151-car parking garage and 96,975 square feet of office space. The developer, 600 Ventures II, LLC, is a partnership of local, Detroit-based construction and real estate companies, The Means Group Inc. and Holdwick Development Group, and Koucar Management.
The project spans two parcels and includes the rehabilitation of the historic 1920 Albert Kahn building at 600 W Lafayette Boulevard and the new construction of the Cambria Hotel at 659 Howard Street. The Hotel will sit above a 2-story parking podium and will also be connected to the historic rehab project via a skybridge.
AKT Peerless performed environmental due diligence for the client by completing a Phase I Environmental Site Assessment (ESA), Phase II ESA and Baseline Environmental Assessment. AKT Peerless also completed Documentation of Due Care Compliance to demonstrate the developer’s due care obligations in owning and operating a “facility” as defined by Part 201 of NREPA. Further, AKT Peerless provided economic development services to secure incentives to assist with redevelopment activities.
AKT Peerless also structured, applied for and secured a Public Act 146 Obsolete Property Rehabilitation Act tax abatement for the historic rehabilitation component of the project, a Public Act 210 Commercial Rehabilitation Act tax abatement for the new construction component and brownfield tax increment financing for the entire scope of the project. AKT Peerless worked closely with the City of Detroit, Detroit Brownfield Redevelopment Authority (DBRA), Michigan Economic Development Corporation (MEDC), and the Detroit Economic Growth Corporation (DEGC) to layer and secure these various incentives.
