This summer, the FD Lofts will transform from rentable apartments into condos, reports MLive. That's an important change for Eastern Market's sparse housing scene, but perhaps the least dramatic of all the conversions foisted upon the old FD Lofts building. It began life in 1917 as the Detroit Fire Department's engine repair center, five years before the city's last fire horses were retired. It was eventually vacated, neglected, and finally restored in 2007 as lofts. Now you know.
The conversion could mean more affluent residents, or at least more permanent ones. MLive has the stats:
The condo'd out FD Lofts will have 30 units, including 14 one-bedroom apartments, 14 two-beds and two studios.The condos will range from 600 to 1,500 square feet in size, ranging in price from the low $100,000s to the upper $200,000s. The units are renting as apartments or offices for $1,050 to $1,500 a month. The switch to condos is a natural evolution for many loft buildings. The FD Lofts were initially a $3.5M restoration project, but selling them for an average of $200K brings in $6M. That's a pretty simplistic way of looking at it, but you can see the appeal. For a look inside, check out this 2013 post exploring one photographer's live/work loft.[FD Lofts Building in the 1970s. Photo via State of Michigan]
· FD Lofts converting from apartments to condos [Mlive]
· Live/Work Space in Eastern Market Reps Detroit With Style [Curbed]