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Meridian Health Axes Plan For New 16-Story Office Tower

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Last year Meridian Health Plan announced that they would build a new 16-story HQ, Detroit's first new building downtown since 2005. But today the follow up is a big fat NOPE. The news broke in Crain's which reports that they will still be leasing some space downtown as the company expands.
A company spokesman says the building was cancelled "due to changing economic factors and costs of building," which basically sounds like new construction downtown is too expensive given that there is still vacant office space. The new building would have cost $111M but was eligible for $27M in tax credits.
·Revealed: Downtown Detroit's New 16-Story Office Tower [Curbed Detroit]
· Correction: Meridian to expand, but not in new building; firm cancels plans to build Detroit tower [Crain's]