Renovations are coming to the Town Apartments, an art deco tower on downtown's western edge. DBusiness reports that Triton Investments (the crew behind the Alden Towers rehab) recently paid more than $6M for the 13-story building, and an 18-month rehab is in the works. We recommend a fresh coat of paint for the ol' rooftop signage.
History on the building has been tough to track down, but DDbusiness offers this general timeline:
"Built in 1928 by the Pontchartrain Club, the tan-brick structure offered overnight lodging for members and their guests, along with meeting rooms and other amenities. In the 1950s, the building was sold and converted into Town Apartments. In recent years, some modifications of the 13-story building were undertaken. Today, 140 apartments are vacant."
Sadly, the original architecture was smoothed out over the years into a brick box topped with an Art Deco hat. Triton's rehab game plan includes major interior upgrades, from new heating/cooling systems to upgraded kitchens.
Why are over half of the 255 apartments are empty? There are hints that the previous owner, Ivey Property Management Group, simply gave up maintaining the building. Records show over $100K in unpaid taxes, plus a recent review on Apartment Ratings described the building's basement as "underwater." Seven years after buying the place, Ivey ended up selling it for a slight loss. Hopefully, brighter (and drier) times are ahead.
· Alden Towers Renovated After Surviving the Northern Group [Curbed]
· Group Renovating Alden Park Towers Goes on Buying Spree [Curbed]
· Detroit's Town Apartments Sold, Will Undergo 18-month Renovation [D:Business]