DETROIT (WWJ) – A new hotel may soon be coming to downtown Detroit after Olympia Development of Michigan and Related Companies submitted a development plan to the Detroit Downtown Development Authority.
Plans for the previously announced project call for a 14-story building with nearly 300 hotel rooms and 30,000 sq. ft. of street-level retail at Woodward Avenue and the I-75 Service Drive, right next to Little Caesars Arena.
The $190 million project got approval from the DDA on Thursday, according to a report from The Detroit News.
Olympia and Related are the companies tied to the Ilitch family and billionaire Stephen Ross, respectively.
Officials expect construction to begin in 2024 and take roughly three years.
The project, which official estimate would create hundreds of construction and permanent jobs, would be part of The District Detroit, the long-stalled vision of a rejuvenated downtown that was promised when LCA was first announced.
The proposed hotel would fulfill a major need for the city.
“The city needs many more hotel rooms to better compete for significant events and conventions that will bring tens of thousands of additional visitors to the region and help create good jobs for Detroiters,” said Visit Detroit President and CEO Claude Molinari. “With Olympia Development and Related Companies bringing this project to life, we can expect a first-class hotel with amenities and experiences that will attract travelers and businesses from around the globe.”
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Prior to construction, the agreement allows for temporary activations such as community or other events on the site
Officials with Olympia Development are expected to submit other projects for approval later this year.
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