Valpey Building Becoming Lofts, $10M Renovation In Store

Another historic Merchants Row building can look forward to a multimillion dollar renovation. Schostak Construction is now set pay $500K for the Valpey Building, named for the shoe store that built it around 1896. The plan involves $10M renovation of the Valpey's interior, renovating the upper levels into lofts that will be added to the nearby Lofts at Merchants Row complex. The ground floor will be spruced up as a viable retail space. Rock Ventures has the master lease to all 12 Woodward storefronts below the Lofts at Merchants Row buildings, so it's likely they'll get control of this one's ground floor as well. That's a lot of retail space to fill (something like 70,000 total square feet) but Gilbert/Rock/Quicken have already started increasing the areas's customer base: 60 Bizdom employees are settling into the renovated Arts League Building across the street.
· 1413 Woodward added to Merchants Row apartment complex [Freep]