Just over a year ago, the Book Tower was vacant and its then current owner was behind on utility payments.  So far, in fact, that electrical and water utilities had been disconnected.

A lot can change in a year.

In August 2009, the building was purchased by Key Investment Group (located in Clinton Township, Michigan) who recently announced plans to transform the tower and building.  In know as recently as two weeks ago, general contractors were in the building, scoping some preliminary plans.  I’m still waiting for my photos :).

The Detroit News Reports:

The Book will house 260 rental residences, and three floors of retail and office space. The entire project will be built with strict attention to sustainability: green or reflective roofs, and geothermal heating and cooling, in collaboration with DTE Energy. The goal is to achieve a LEED Gold designation. LEED is a voluntary, green building rating system developed by the U.S. Green Building Council for constructing high-performance, sustainable buildings.

Link to article (until the Detroit News archives it…)

Construction is expected to start in Summer 2010 and take three years.  The first residential units will become available in Summer 2011.

This is good news.  Let’s hope the renovation moves forward as planned.  You can read more about the Book Tower by checking out the related articles below.

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