Agenda Packet 04-23-18 Work Session

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S ¯¤¤£¶ ¸ !£¬¨¨²³± ³¨® "´¨«£¨¦Ǿ "®²³®Ǿ - ²² ¢§´²¤³³² The Speedway was constructed in 1899 as part of a nationwide movement at the time to provide more public space within cities for the citizens to enjoy. The Department of Conservation and Recreation (DCR) along with the preservation community created a robust public process to determine this buildings future use while considering the large financial and preservation challenges that go with an adaptive reuse project. It was decided that a third party would be most suitable to take on this project, so the DCR Figure 3: The historic Speedway House building prior to being developed. issued an RFP in 2013 for the rehabilitation of The Speedway Building. The selected firm, Architectural Heritage Foundation (AHF) presented a strong skill set of experience, resources, public benefit, and long-term vision required to fulfill the project. As of September 2017, the project has seen some issues with lease language and a structure fire, but the efforts continue. S³®¤ 3® ¯ "´¨«£¨¦Ǿ $¤³±®¨³Ǿ -¨¢§¨¦ The two-structures on the Stone Soap site served as a regional powerhouse for the industry as early as 1907.An additional building was erected on the site in 1929 as manufacturing continued to boom. In the late 1970s the Stone Soap Co. purchased the buildings to manufacturer commercial detergents, and occupied the site until the late 1990s. The buildings then sat vacant for 20 years. Recently, the City of Detroit has focused on redeveloping its east riverfront, and the Stone Soap building is the first step in that Figure 4: A small glimpse of the Stone Soap Building in its redevelopment. In spring 2017 an RFP was current condition. issued by the City of Detroit soliciting a developer to redevelop the buildings. The RFP required applicants to submit a rendering of how the building will incorporate into the riverfront as it continues to develop. Special considerationwas givento proposals that increases the vertical density with the existing structure and demonstrate the feasibility and sensibility of such improvements. Detroit-based developer Banyan Investments has been selected to proceed. The proposed project includes 63 residential units with 20 percent being affordable. The space will also include retail, an open-air market, a parking carousal, and amenities for the residents. The Stone Soap building is expected to break ground in spring 2018 following City Council approval, with completion expected by fall 2020.