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Post Bar to be Completed


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It's about time for this! From this week's Crain's detroit:

A new development team, including Macomb County developer Guy Rizzo, plans to resume construction soon on the long-delayed Post Bar project in the former Madison Theatre.

The planned bar and restaurant, at Broadway and Witherell streets, could be open in time for the 2005 Major League Baseball All-Star Game in Comerica Park, said Rizzo, managing partner in Broadway Property Partners L.L.C. Rizzo said work would resume within a month.

The original project languished for two years because the project proved more expensive than budgeted, according to a Detroit Downtown Development Authority report.

Launched in January 2000, the project called for demolition of the theater-office building and construction of a 30,000-square-foot mixed-use entertainment and office complex by Jan. 1, 2002. Larson Realty Group L.L.C. purchased the building from the DDA, then signed an agreement for Post Entertainment L.L.C. to build the complex and own and operate the bar and restaurant.

By 2002, with foundations set and structural steel up, cost overruns had passed $3 million, and the project had stalled, said Todd Carmody, financial services director for the Detroit Economic Growth Corp.

The DDA board approved a revised $9.8 million budget on Aug. 4 for the project, which added $900,000 in public funding. The board approved a $750,000, 15-year DDA loan and a $150,000 DDA facade grant is pending. The original plan didn't include public financing.

Jim Saad, another partner in Broadway Property, said plans call for a restaurant on the first floor, sports bar and meeting rooms on the second floor and a rooftop patio dining area. Floors three, four and five are to be office space with a separate entrance.

Entrance to the bar and restaurant is to be through the former theater entrance on Witherell, with the marquee to be retained, he said.

http://www.crainsdetroit.com/c gi-bin/article.pl?articleId=25 403

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