The two Detroit Pension funds, which have made news recently for wasteful spending and poor investment choices, want to build a $7.4 million office building along the Detroit riverfront, the Detroit Free Press reports.
But one neighborhood association wants the underdeveloped riverfront property near downtown to be used for residential projects. Villages Community Development Corp., which represents the riverfront, is opposing the Pension Funds plan to build on the river because they want to use the land to attract families to the area and further build the community.
The riverfront is not the only option for the Pension Funds headquarters. In a city where empty buildings are being demolished, perhaps a more conservative choice would be to renovate an empty building that already has a frame intact.