Plans to turn a vacant car dealership on Main Street in Royal Oak into a Hyatt hotel with connected residential, retail, and office space are moving ahead following the approval of incentives from the state.
The $48-million development will stand atop 3.5-acre property currently containing a car dealership that closed in 2008. The site will include a 120-room, 5-story Hyatt Hotel, according to the Michigan Economic Development Corp.
The hotel will be a part of a contemporary-style building expected to be built at 400 N. Main St. It will also have space for 56 apartments, a parking deck, and retailers.
Besides generating $12 million in property tax revenue for the city and creating 144 new jobs, it may breathe new life into the north part of Royal Oak's downtown district.
The MEDC is granting the developers a $4.5-million Michigan Community Revitalization Program loan, and the city of Royal Oak is supporting the project by providing $3 million in tax increment financing reimbursement.
Source: Nate Pilon, Michigan Economic Development Corp.
Writer: Kim North Shine