Riverside Park Expands and Upgrades With Moroun Swap

Detroit and the Moroun family have struck a deal concerning Riverside Park, the contested piece of real estate preventing a second span of the Ambassador Bridge. Until now. The agreement involves swapping land and a large amount of cash. Detroit walks away with a larger and upgraded park, while the Moroun family gets that precious bridge acerage. Oh, and Michigan Central Station gets something too.

MOROUN GETS...
· Span Land (3 acres): Detroit hands over 3 acres on the eastern edge of Riverside Park, enough for Moroun to squeeze in a second span of the Ambassador Bridge.
· Mayor Duggan's full support of a second span.

DETROIT GETS...
· Future Park Land (7.8 acres): Moroun is handing over an old warehouse property on the park's western edge, which will be demolished (at Moroun expense) when the tenant's lease expires in 2018.

· Park Money ($5M): Right up front, Moroun will pay Detroit $3M for Riverside Park upgrades, handing over another $2M once the state approves the land swap. The money will upgrade Riverside's amenities (sports fields, improved promenade, etc) and allow the park to annex a 3.4-acre parcel of city-owned land to the north. Construction begins this fall.

MICHIGAN CENTRAL STATION GETS...
· Windows (1,050: Moroun commits to filling Michigan Central Station's window holes by year's end. Duggan's speech is below:

· Riverside Press Release [City of Detroit]
· Riverside Park to Reopen? Big Announcement Expected Today [Curbed]