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Former GM HQ To Undergo $64M Redevelopment

DETROIT-The 11-story, 510,000-sf Argonaut building will be developed for office, retail and residential use by Irvine, CA-based Orton Development Inc., which bought the property last year.

By Dan Heaton | Updated on January 19, 2005

DETROIT-The former General Motors headquarters building in the city’s New Center Area will undergo a $64-million transformation into a center for retail, office and loft-style residences. The 11-story tower, known as the Argonaut building and GM’s world headquarters for more than half a century prior to the automaker’s move to the Renaissance Center, was sold by the automaker early in 2004 to Irvine, CA-based Orton Development Inc.

Midway Corporate Plaza LLC, a subsidiary of Orton, will develop the project. Midway plans to use about 140,000 sf of the building for retail and office use. Another 370,000 sf in the building will be used for residential space.

The state’s Michigan Economic Development Corp. is granting Midway a $5.6-million brownfield single business tax credit to support the project. “This property is not living up to its true potential,” Gov. Jennifer Granholm says. “The tax credit will help reduce the cost of redeveloping the site and provide the housing, retail and commercial space necessary to attract additional investment and foster positive economic momentum in Downtown Detroit.”

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