How $26M in Financing Will Transform Detroit's Former Cadillac Plant Into a Modern Landmark

The $26M redevelopment of Detroit's historic Cadillac plant into modern loft apartments represents a pivotal moment in the city's revitalization efforts, combining Detroit's rich industrial history with innovative urban living. As the project approaches its 2025 completion date, it promises to offer a new standard of residential luxury in the heart of a growing, vibrant district. With affordable housing options, modern amenities, and proximity to key developments like the Pistons Performance Center and MSU's medical research facility, this transformation makes living in Metro Detroit more appealing than ever. For those moving to Metro Detroit, the newly redeveloped 450 Amsterdam stands as a symbol of the city's evolution—blending its iconic past with a promising future.

mcintosh_poris, instagram

A Symbol of Detroit’s Resurgence

The redevelopment of 450 Amsterdam Street, situated between Cass and Second Avenues, is more than just another real estate project. It represents Detroit’s ongoing transformation, where historical preservation meets modern urban planning. Originally built in 1905 as the first assembly plant for Cadillac Motor Car Co., the structure is an architectural testament to the city’s industrial roots. Designed by renowned architect George D. Mason, the building is among the first reinforced concrete structures in the world, offering a fireproof and vibration-resistant space ideal for industrial use in its time. Today, those same design features are being leveraged to create spacious, light-filled residential units.

Greatwater Opportunity Capital, a Lansing-based real estate development firm, acquired the property in April 2022 for $3.35 million. Now, with substantial backing from prominent financial institutions and government agencies, the building is set to undergo a complete interior transformation while maintaining its historical exterior. The $26 million project is financed through a mix of equity, loans, and tax credits, with partners including Fifth Third Bank, Invest Detroit, JPMorgan Chase, the Michigan Economic Development Corporation (MEDC), and the City of Detroit.

Bringing Affordable Housing to a Thriving District

As part of the broader redevelopment plan, the new 450 Amsterdam will include 90 loft apartments, with 20% of those units designated as affordable housing. These affordable units will be available to residents earning 80% of the area median income (AMI), ensuring that the project contributes to addressing Detroit’s housing affordability challenges. In a city where housing demand is increasing, this blend of market-rate and affordable units will provide much-needed residential space in a desirable area.

The TechTown district, where the redevelopment is taking place, has become one of Detroit’s most dynamic neighborhoods. Anchored by the Detroit Pistons Performance Center and the new Michigan State University (MSU) medical research facility, TechTown is emerging as a hub for innovation, health, and sports. As part of Henry Ford Health’s $3 billion Future of Health development, the area is experiencing a renaissance that’s attracting both new businesses and residents. The addition of residential units at 450 Amsterdam will further cement the neighborhood's status as a thriving live-work-play environment.

Modern Amenities in a Historic Setting

While the exterior of the building will retain its historic brick façade, the interior will be completely modernized to accommodate today’s urban lifestyle. Residents of 450 Amsterdam can expect top-tier amenities, including central air conditioning, in-unit washers and dryers, a resident gym, and secure, gated parking. For those who prefer a more active commute, indoor bike storage will be available as well.

The outdoor space will offer a beautifully designed patio area complete with a kitchenette, grills, a bathroom, and seating, creating an ideal environment for social gatherings. This mix of amenities is intended to attract a diverse group of residents, from young professionals seeking proximity to Detroit’s downtown to families and retirees who want to enjoy modern conveniences in a historically significant building.

“This is one of Detroit’s most transformative historic renovations,” says Matthew Temkin, co-founder of Greatwater Opportunity Capital. “We are excited to see how this project will bring new energy to the area while preserving a crucial piece of Detroit’s automotive heritage.”

A Rich Automotive History

The 450 Amsterdam building holds a special place in Detroit’s automotive history. It was in this very structure that Cadillac Motor Car Co., founded by Henry Leland in 1902, built some of its earliest models. The company operated out of the building until 1920, when it relocated to a larger facility on Michigan Avenue. After Cadillac vacated the space, it was purchased by Louis Rose of Rose Realty Co., and later became the headquarters for Westcott Paper Products, which remained in the building until 2022.

This deep connection to Detroit’s industrial past makes the redevelopment project particularly significant. By converting the former assembly plant into residential units, Greatwater Opportunity Capital is not only preserving a piece of Detroit’s history but also repurposing it for future generations. The project is a prime example of how historic structures can be adapted to meet the needs of modern urban environments while maintaining their architectural and cultural significance.

mcintosh_poris, instagram

A Collaborative Effort

The successful redevelopment of 450 Amsterdam would not have been possible without the involvement of multiple funding partners. Greatwater Opportunity Capital has contributed $12 million in equity through its Greatwater 9 LLC Qualified Opportunity Zone Fund, a key investment vehicle aimed at revitalizing distressed communities. Fifth Third Bank, one of the project’s primary financial backers, is providing a $9.5 million loan as well as a $2.1 million bridge loan to support the project’s Historic Tax Credit Equity.

JPMorgan Chase is contributing $3.2 million in Federal Historic Tax Credit equity, underscoring the financial institution’s commitment to community-focused development projects. Invest Detroit, a local nonprofit focused on economic development, has provided a $2 million participatory loan, further enhancing the project’s financial foundation. The Michigan Economic Development Corporation (MEDC) is helping to secure brownfield tax increment financing, which will offset some of the additional costs associated with converting an industrial building into a residential complex.

“The historic legacy of this property is what first attracted Fifth Third to this project,” says David Girodat, regional president of Fifth Third Bank in Eastern Michigan. “Fifth Third has a long history of supporting affordable housing projects across Detroit, and we’re proud to be part of this effort to transform a key piece of the city’s history into a modern residential space.”

Looking Toward the Future

The 450 Amsterdam redevelopment is expected to be completed by the summer of 2025, offering new housing options to Detroit residents while preserving a vital piece of the city’s industrial heritage. The project also aligns with Detroit’s broader urban renewal efforts, which aim to balance historical preservation with economic growth and modern development.

As Detroit continues to evolve, the transformation of 450 Amsterdam will serve as a model for other adaptive reuse projects in the city. By bringing together public and private partners, the redevelopment showcases how historic structures can be repurposed to meet the needs of a growing and diverse urban population. With its combination of modern amenities, affordable housing, and historical significance, 450 Amsterdam is poised to become a landmark in Detroit’s ongoing resurgence.

In the coming years, this revitalized former Cadillac plant will stand as a testament to the city’s resilience and its ability to honor the past while building a brighter future. Through strategic investments and collaborative partnerships, Detroit is reclaiming its industrial spaces and turning them into vibrant, livable communities.

The $26M redevelopment of Detroit's historic Cadillac plant into modern loft apartments represents a pivotal moment in the city's revitalization efforts, combining Detroit's rich industrial history with innovative urban living. As the project approaches its 2025 completion date, it promises to offer a new standard of residential luxury in the heart of a growing, vibrant district. With affordable housing options, modern amenities, and proximity to key developments like the Pistons Performance Center and MSU's medical research facility, this transformation makes living in Metro Detroit more appealing than ever. For those considering moving to Metro Detroit, the newly redeveloped 450 Amsterdam stands as a symbol of the city's evolution—blending its iconic past with a promising future.