Paradise Valley project to create 35 Detroit jobs
DETROIT — Paradise Valley Real Estate Holdings and Real Times plan to renovate a three-story vacant historic building in Detroit. The historic building is located in an area of downtown Detroit known as Paradise Valley. The project will generate a total capital investment of more than $3.1 million and create 35 jobs.
The completed project will include the new headquarters of Real Times along with restaurant and office space. The building requires extensive rehabilitation including a new roof, HVAC, an additional staircase and improvements to bring it up to local building and fire codes.
The project has received a Michigan Community Revitalization Program performance-based grant. The City of Detroit is supporting the project with a Community Development Block Grant forgivable loan, an acquisition loan from the Detroit Economic Growth Corporation and a 12-year Obsolete Property Rehabilitation Act abatement.
Source: MEDC press release