Temple Detroit hotel development to cost $72M, open June 2020
Detroit — The redevelopment of the former Standard Accident Insurance Co. building at 640 Temple is expected to cost $72 million and be named Temple Detroit, key figures for the project announced Wednesday.
Los Angeles-based international hospitality group SBE said the hotel will be first to launch the company's House of Originals hotel brand. It’s a collaboration between developer Byzantine Holdings and partners Christos Moisides, David Sutherland and Gretchen Carhartt Valade.
As previously reported, the 192,000-square-foot building will house a 100-room boutique hotel and 70 residential units. There will also be restaurant and nightclub venues.
Temple Detroit is expected to open in June 2020 and feature the work of architecture firm McIntosh Poris Associates and Kravitz Design, Lenny Kravitz’s New York-based interior design company.
“Growing up in Detroit, I spent my youth in the bars and music venues of this colorful city," Moisides said in a statement Wednesday. "Living in LA for over a decade, the soul of Detroit called me back and has aligned me with this creative team, pooling our talents together to develop Temple, a House of Originals Hotel."
The eight-story building was designed in 1920 by the famed architect Albert Kahn. It sits blocks away from Little Caesars Arena.
In addition to the hotel and residential component, the project will feature a rooftop pool and lounge as well as a full-service spa. The property will also include indoor and outdoor event spaces.
SBE says its House of Originals brand is a collection of luxury hotels individualized for each city. Other brand locations include the Sanderson and St. Martins Lane in London, the Shore Club in Miami Beach and 10 Karakoy in Istanbul.
In September, the Michigan Strategic Fund board approved a $5.7 million performance-based loan and $4.9 million in brownfield tax incentives for the redevelopment of the historic Midtown building.
The developers had requested a loan through the Michigan Community Revitalization Program to fill in a funding gap with its lender, Chemical Bank, according to the strategic fund board. The board also approved for the project the City of Detroit Brownfield Redevelopment Authority's request for a Brownfield Act 381 Work Plan, including $4.9 million in local and school tax capture.