Ex-Piston Dave Bing's riverfront condos get 'blue-ribbon' investors' backing
Louis Aguilar / The Detroit News
Former Pistons star and Detroit business leader Dave Bing has lined up a team of heavy-hitting business and civic leaders to back his $60 million luxury residential development on Detroit's east riverfront.
The project -- The Watermark Detroit -- is one of three major condominium developments city boosters hope will transform the once-blighted riverfront into a centerpiece of downtown Detroit's fledgling revival.
Bing's roster of investors includes Pistons President Joe Dumars, Super Bowl Chairman Roger Penske, DTE Chairman Tony Earley Jr., NBA veteran Derrick Coleman, Prestige Automotive Group President Gregory Jackson and Tyrone Davenport, chief operating officer of the Dr. Charles H. Wright Museum of African-American History in Detroit.
Bing called the group "a blue-ribbon group of local investors" and will formally introduce them at a Wednesday night event at the Detroit Athletic Club.
Bing's plan calls for 112 residential units, including apartments, town homes and condos priced from $400,000 to $1.2 million. The project is located on a 2.2-acre site between Tri-Centennial Park's St. Aubin Marina and the Chene Park amphitheater that once housed cement silos.
In February 2006, Mayor Kwame Kilpatrick selected Bing and another team that includes Pittsburgh developer Charles Betters and ex-Pittsburgh Steeler Jerome Bettis to build two housing and retail projects as part of the Detroit riverfront revival.
Bing put himself on an accelerated timetable to get financing and got it done within a year. "We are proceeding along as planned, staying to the timetable," Bing said Tuesday.
On May 19, The Watermark Detroit begins its presale campaign, which means potential buyers can put down deposits.
"It's an honor to help revitalize the riverfront," Bing said. "The Watermark will offer amazing views of the Detroit River, which is the way a riverfront should be utilized."
Bing's project is further along than the Betters/Bettis project, known as Chene East, mainly because that team is concentrating on another residential/retail development on a 40-acre parcel near the MacArthur Bridge to Belle Isle, said officials from Detroit Economic Growth Corp. That project is called the Uniroyal site, after the factory once there.
The proposed Chene East project intends to offer an estimated 64 condominiums as well as restaurant and retail space.
Another riverfront project -- the @water, pronounced "Atwater" -- by developer Dwight Belyue began selling 225 units, including $1.5 million penthouses, in March. Deposits have been put down for 40 units, including two penthouses, Belyue said.
Louis Aguilar / The Detroit News
Former Pistons star and Detroit business leader Dave Bing has lined up a team of heavy-hitting business and civic leaders to back his $60 million luxury residential development on Detroit's east riverfront.
The project -- The Watermark Detroit -- is one of three major condominium developments city boosters hope will transform the once-blighted riverfront into a centerpiece of downtown Detroit's fledgling revival.
Bing's roster of investors includes Pistons President Joe Dumars, Super Bowl Chairman Roger Penske, DTE Chairman Tony Earley Jr., NBA veteran Derrick Coleman, Prestige Automotive Group President Gregory Jackson and Tyrone Davenport, chief operating officer of the Dr. Charles H. Wright Museum of African-American History in Detroit.
Bing called the group "a blue-ribbon group of local investors" and will formally introduce them at a Wednesday night event at the Detroit Athletic Club.
Bing's plan calls for 112 residential units, including apartments, town homes and condos priced from $400,000 to $1.2 million. The project is located on a 2.2-acre site between Tri-Centennial Park's St. Aubin Marina and the Chene Park amphitheater that once housed cement silos.
In February 2006, Mayor Kwame Kilpatrick selected Bing and another team that includes Pittsburgh developer Charles Betters and ex-Pittsburgh Steeler Jerome Bettis to build two housing and retail projects as part of the Detroit riverfront revival.
Bing put himself on an accelerated timetable to get financing and got it done within a year. "We are proceeding along as planned, staying to the timetable," Bing said Tuesday.
On May 19, The Watermark Detroit begins its presale campaign, which means potential buyers can put down deposits.
"It's an honor to help revitalize the riverfront," Bing said. "The Watermark will offer amazing views of the Detroit River, which is the way a riverfront should be utilized."
Bing's project is further along than the Betters/Bettis project, known as Chene East, mainly because that team is concentrating on another residential/retail development on a 40-acre parcel near the MacArthur Bridge to Belle Isle, said officials from Detroit Economic Growth Corp. That project is called the Uniroyal site, after the factory once there.
The proposed Chene East project intends to offer an estimated 64 condominiums as well as restaurant and retail space.
Another riverfront project -- the @water, pronounced "Atwater" -- by developer Dwight Belyue began selling 225 units, including $1.5 million penthouses, in March. Deposits have been put down for 40 units, including two penthouses, Belyue said.
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