One Kennedy Square
254,328 square feet
Detroit Investment Fund - closed May 2005
The One Kennedy Square transaction provided a term loan for the construction of a Class A office building in the Campus Martius district in downtown Detroit. The project, developed by the Real Estate Development and Investment Company (REDICO), encompasses 254,328 gross square feet in 10 stories including 13,500 square feet of first floor retail and restaurant space. The .92 acre site is located at Woodward and Michigan Avenue on the western side of Campus Martius Park in a designated Renaissance Zone, which provides economic benefits for tenants. The building has been constructed over the existing Kennedy Square parking structure, which has a total of 450 below-grade parking spaces.
Working with the project’s experienced developers and the City of Detroit, Invest Detroit management utilized Business & Equipment financing from the Detroit Investment Fund to complete the One Kennedy Square project. Additional financing was provided by Charter One Bank.
The project has both attracted new companies to and retained existing companies in the City of Detroit. The addition of new class A office space in the Central Business District (CBD) of Detroit represents a significant revitalization effort and investment in the downtown core, which will support additional revitalization in the area. These efforts will provide new retail and restaurant space in the CBD and are part of Invest Detroit’s overall portfolio strategy. The project is currently over 90% leased and occupied.