01/24/2013 09:46 am ET

State Gives Whitney Revamp $8.5M More

The state of Michigan said Wednesday it awarded $8.5 million in a grant and performance loan to downtown Detroit's historic 19-story David Whitney building, which is being converted into an Aloft Hotel, along with residential housing and retail.

Whitney Partners LLC received approval Wednesday from the Michigan Strategic Fund for a $1 million community revitalization grant and a $7.5 million loan.

Flickr photo by pasa47.

Read more on The Detroit News