Renovations have been announced for three unique buildings in downtown Detroit, including the long-abandoned Olde Building. According to Crain's, investor Roger Basmajian will wake up the Kahn-designed Olde Building with restaurant space, while two other properties will await upgrades of their own.
↑ Olde Building - 751 Griswold
Designed by Albert Kahn and built in 1924, the Olde Building's impending restoration is long overdue. Last year, the building's broker told us all new mechanical systems were needed, which isn't surprising for a building celebrating its 17th year of vacancy. The keys cost Basmajian $800K, who will spend $4M renovating it into restaurant space downstairs and office space upstairs. The basement is said to contain some old bank vaults.
↑ Sterling Building - 220 Congress
It took some digging to figure out the history behind this one, but here's what we know. Built in 1920, the Sterling spent its early life as a glove factory, much like the John King Used Books. In 1970, the building's original facade was replaced with a steel skin, hence being such an ugly duckling today. The Sterling spent years on the market asking $925K, but Basmajian paid just $570K when he bought it last October. A $3M renovation is on the way.
↑ Shelby Congress Building - 607 Shelby
The largest of the three properties is the Shelby/Congress building, historically known as the U.S. Mortgage Bond Building. With a beautiful facade of Indiana Limestone, the Shelby Congress contains 50K square feet and sold for $1.31M. Unlike the Sterling or the Olde buildings, this one is actually occupied. According to Crain's, there's no immediate renovation budget in place for the Shelby Congress, though "common areas, bathrooms, elevators and the building's upper floors are being updated." · Olde Building has a Potential Buyer! Interior Details Emerge [Curbed]
· Near Campus Martius, Olde Building Deserves a Fresh Remod
· Small investors making inroads, impact in Detroit CBD's office building market [Crain's]