Magazine content is available exclusively for TIME subscribers.Towering Debts
Renaissance Center defaults
"Renaissance Center stands as a symbol of what is possible when people who live and work in a city combine their efforts toward a common goal." So said Michigan Governor William Milliken five years ago of Detroit's new $357 million cluster of five glass towers, a 32-acre complex aimed at reviving the city's decaying downtown area. Now Ren Cen stands as a symbol of hard times. The center defaulted last week on its mortgage debt of more than $200 million by failing to make a scheduled payment of $10 million.
Built by a consortium led by Henry Ford...
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