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Energy Efficient Renovations Bring New Attraction to Downtown Detroit Send story to a friend That pattern changed when local real estate developer Sean Harrington enlisted ShoreBank's aid in realizing his dream of transforming a neglected 86-year-old toothpaste factory into a 24/7 downtown community. Thanks to his efforts, the 1920s-era building has been preserved and returned to use as Centaur on the Park, a new mixed-use development. The eight-story structure, with its original Art Deco features intact, features a 380-seat bistro on the first two floors, 3,700 square feet of office space on the third floor, and 16-22 residential lofts under construction on the remaining floors above. "ShoreBank shared my vision of preserving a beautiful, historic building and its potential for making downtown a place where people would want to come to live," says Sean, who turned to ShoreBank for help financing the redevelopment of the former factory, which had been unoccupied since the toothpaste-manufacturing operation relocated to the South in the 1960s. "Restoring a neglected historic building, putting it back into use with energy-efficient systems, and helping to revitalize an underserved urban neighborhood provide the ideal lending opportunity for ShoreBank," says Drextel Amy, President, Detroit Region. The Centaur, adjacent to the city's Theater District, is being redeveloped in two phases. Phase I included major improvements to the building's infrastructure and renovations to the first and second floors to create the new bistro. Patrons of the neighboring Fox Theater, Comerica Park, and Ford Field are now among the regulars enjoying American Tapas on the late-night dinner menu, seven days a week. During the Super Bowl, Centaur hosted representatives and guests of ESPN television and radio in the building's third floor offices. The space is already fully leased, and will soon be occupied by an aftermarket antenna company employing 30 people. With Phase II already in progress (the conversion and construction of "true loft spaces" ranging from 800 to 1,200 square feet), it won't be long until many of the bistro's new customers will be arriving by elevator. ShoreBank's financing is also helping to equip the historic building with energy-efficient materials and products. Thermal-pane windows and ENERGY STAR® appliances will help reduce energy consumption and costs for residents while making each unit more comfortable. This adaptive use of an old factory fulfills the bank’s triple-bottom-line goals. It has a positive impact on the community and the environment, while helping build a profitable portfolio for ShoreBank.
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In the late 1990s, city leaders spearheaded the development of many of Detroit's major cultural venues in an effort to turn its downtown into a new entertainment destination. But despite the new theaters and ballparks, the transformation of vacant buildings into new residential centers—which had catalyzed the growth of downtowns in other cities—was still considered too risky by investors.