A trio of major downtown Detroit buildings purchased by a China-based buyer show little progress in being renovated, the Detroit Free Press reports.
JC Reindl writes that the Shanghai firm, DongDu International Group, known locally as DDI, that purchased the buildings 1 1/2 years ago, has shown little progress in developing them aside from boarding up windows and moving out tenants.
The Shanghai firm is giving no date for when it will start converting the three properties — the David Stott tower, the Detroit Free Press building and the former Clark Lofts — into rental apartments with lower-floor commercial space, the Freep says.
It could lose out on millions of dollars in state tax credits if it misses an upcoming deadline to develop the Detroit Free Press building, the Freep reports. The company says it intends to cash in on the tax credits.
