DETROIT -- Central United Methodist Church plans to build a 15-story tower in the heart of the city's sports and entertainment complex, unlocking millions of dollars in value of land it owns in the district.

"We find ourselves in the middle of this sports-entertainment complex, and sitting on land that is valued at much more than we ever dreamed it would be," Jacqueline Washington, chairwoman of the church's nonprofit Community Development Corp., told the Detroit Free Press.

The $38 million tower will have 107 rental apartments complementing another 33 rental loft units that will be built in a church annex, which is being gutted and renovated. Plans are for all the units to convert to condominiums eventually. None of the rental units will be subsidized, according to the news report.

The development is expected to help fund a $5 million endowment and support church work.

For a church known for feeding the homeless, cashing in on its land value might seem unusual. However, Washington said caring for the needy is part of the plan.

"To do urban mission in the city, you need more than you can get from the collection plate," she said.

Church membership has suffered as the city's population dwindled. Today it has about 300 members, but feeds 30,000 meals to homeless people each year, the newspaper reported.

"We stayed there because we believed in the city and we believed in an urban mission for our church," Washington said.