Office and co-working space and a food hall are slated for a building in Detroit's Milwaukee Junction neighborhood best known for its colorful mural on its western wall.

Construction on the $16 million project to redevelop the building sometimes referred to as the Bleeding Rainbow building, is expected to be done by the end of the year, according to a news release by Detroit-based developer The Platform LLC, which is active in Detroit neighborhoods and along the Grand Boulevard corridor.

The first two floors of the 1913 building at 2937 E. Grand Blvd., which is being rebranded as Chroma, will get a public market by West Palm Beach, Fla.-based Grandview Public Market, which "will feature 14 chef driven concepts, most of which are locally owned," the news release says. A full bar with beer, wine and cocktails is also planned as part of the project.

Pittsburgh-based Beauty Shoppe will offer 15,000 square feet of co-working space on the seventh and eighth floors, its first effort in Michigan. Akin to WeWork, Bamboo Detroit and others, Beauty Shoppe will offer amenities such as dedicated desks and private offices on a month-to-month membership structure.

Floors three through six and the top floor are available, a spokesman for The Platform said.

Financing for the project comes from PNC Bank, Invest Detroit and the Detroit Economic Growth Corp. The release also says Chroma is one of the first projects in the city to utilize so-called Opportunity Fund financing, which was created under the federal tax reform legislation passed by Congress allowing capital gains to be diverted into Opportunity Funds, which are allowed to invest in low-income Census tracts — known as Opportunity Zones — that have been strangled of investment in recent years and decades. The funds can invest in things including real estate and businesses.

The Platform, run by Peter Cummings and Dietrich Knoer, put the building under contract in 2017 with previous owner Princeton Enterprises LLC, based in Bloomfield Township. Cummings said last week that the "Illuminated Mural," created in 2009 by artist Katherine Craig, is planned to remain on the building for the foreseeable future.