April 6, 2007
Financial headlines
DEVELOPMENT: Olympia's Detroit building purchase OK'd
After a delay of several weeks, the Detroit City Council has approved the sale of the historic but dilapidated GAR Building to Olympia Development, an arm of the Ilitch family organization.
The council approved the sale price of $220,500 Wednesday, but Olympia is expected to invest at least $2 million to make the building usable for its own staff.
Opened in 1900, the castle-like building at Cass and Grand River was built as a meeting hall for the Grand Army of the Republic, a Civil War veterans group of Union Army soldiers. It has stood vacant for about 30 years.
http://www.freep.com/apps/pbcs.dll/article?AID=/20070406/BUSINESS06/704060441
You may want to review these posts:
--The Verifiable Truth:
- State Subsidizing Plans for Detroit Hockey Arena
- Blogger questions Detroit Arena assumptions
- Field of Schemes: Tiger Stadium back in limbo
- Family that built fortune on Detroit Sports and Little Caesars Pizza directed $900k to these political committees while expanding gambling ventures
- As most of Michigan continues to struggle financially, 11 make Forbes List of World's Richest Billionaires
- Taxpayers give Ilitch $95,000 to tear down his building
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