Royal Oak: Hotel Development Gains Approval
(City of Royal Oak press release, July 28, 2015)
The Michigan Strategic Fund unanimously approved Trailhead RO, LLC’s application for a award under the MEDC’s Michigan Community Revitalization Program’s loan participation program.
Trailhead’s plans include replacing the obsolete Fresard car dealership, which has been vacant since 2008, with a modern, mixed-use district that will include a 120-room Hyatt Place Hotel and a mixed-use building with apartments, retail and office space and a parking deck. The location is 400 N. Main.
This project will generate a total capital investment of $48 million and create 144 jobs, resulting in a $4.5 million Michigan Community Revitalization Program loan participation. The city of Royal Oak is supporting the project through up to $3 million in tax increment financing reimbursements.
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