Gm, Hines, Partner to Build Condominiums on the Detroit River

by : Iver Penn



Hines, the international real estate firm, and General Motors are currently collaborating to develop six acres fronting on the Detroit River directly east of GM's global headquarters at the Renaissance Center.

According to a press release from the automaker, the mixed-use development in downtown Detroit's best riverfront location will be largely residential, designed to take advantage of premier waterfront property which offers spectacular views along with the many amenities offered in the GM Renaissance Center.

Hines will be financing and will lead the construction of the condominium development on GM's surplus property. GM on the other hand, will receive a portion of future revenues from residential sales with its contribution of the property for the project. Additional development partners are likely to be included in the project, including Built Form, a design architect, and The Kramer Group, interior design consultants which have been both contracted for the project.

The Hines-GM developments will anchor the Detroit RiverWalk, a five-mile lineal park along the river which will ultimately span from the Ambassador Bridge to beyond the MacArthur Bridge at Belle Isle into Gabriel Richard Park. The RiverWalk offers beautiful, natural landscaping, and a place to walk, jog, or bike while enjoying the view.

A variety of amenities for this upscale project, including retail, restaurants, a fitness center, banking, valet parking, a post office and a movie theater will all be provided by the GM Renaissance Center, along with a 24-hour security for condominium residents.

A date for announcing specific development plans and construction schedules has not yet been determined.

About Hines
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The Hines portfolio of projects underway, completed, acquired and managed for third parties includes more than 950 properties representing approximately 380 million square feet of office, residential, mixed-use, industrial, hotel, medical, retail and sports facilities, as well as large, master-planned communities and land developments. With offices in 67 U.S. cities and 15 foreign countries, and controlled assets valued at approximately $16 billion, Hines is one of the largest real estate organizations in the world. Visit www.hines.com for more information.

About General Motors
General Motors Corp., the world's largest automaker, has been the annual global industry sales leader for 76 years. Founded in 1908, GM, maker of quality , today employs about 280,000 people around the world. With global headquarters in Detroit, GM manufactures its cars and trucks in 33 countries. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. More information on GM can be found at www.gm.com.