Asian Village falls prey to hard economic times

BY GRETA GUEST, JOHN GALLAGHER and ZLATI MEYER • FREE PRESS STAFF WRITERS • July 22, 2008 Asian Village of Detroit, heralded as a development that could help transform the riverfront, closed Monday after a year in operation just east of the GM Renaissance Center. The 18,000-square-foot project was conceived at a time when downtown Detroit appeared to be on a roll, hosting Super Bowl XL in early 2006 and witnessing the creation of Campus Martius Park and other attractions. And its location, on the east riverfront, appeared to be prime (see map, right). But the marketplace actually opened during the worst real estate market in decades. Downtown Detroit has had some retail losses recently, including Borders Express and Brooks Brothers at the RenCen and the planned pullout of three Starbucks in coming weeks. And several downtown... [read full story]