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Ilitch, Ross submit $190.5 million hotel development proposal near Little Caesars Arena

Quote:

The Ilitch family and billionaire developer Stephen Ross have submitted a development plan for a new $190.5 million hotel immediately south of Little Caesars Arena.
Long on the drawing board, the hotel would be 14 stories tall and have 290 rooms and 30,000 square feet of hotel amenities and ground-level retail space, according to a proposal signed off on by the Downtown Development Authority board on Wednesday. It would be 180 feet tall.

Construction would start no later than the third quarter of 2024 and take approximately three years to complete, according to a DDA board briefing memo.

A to-be-established joint venture between the Ilitch family's Detroit-based Olympia Development of Michigan and Ross' New York City-based Related Cos. would ground-lease the land from an Olympia-owned entity.

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