- Associated Press - Monday, May 18, 2015

DETROIT (AP) - A groundbreaking ceremony has been held for a new loft and retail project in downtown Detroit.

JPMorgan Chase says Monday that it has provided more than $32 million in financing for Capitol Park Lofts and a nearby building.

That amount is in addition to a $100 million, 5-year commitment by the global financial services firm to help redevelop the city.

Construction and renovation on Capitol Park Lofts is underway. The 11-story building will house 63 apartments and 18,664 square feet of commercial space when completed next year.

This project is the second of a three-building revitalization developed by Karp and Associates to help spur economic investment downtown.

Renovation of the former and vacant 13-story Detroit Savings Bank was completed in February. It features apartments and office space.

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