A deal was reached on Friday, March 3 between the owners of the Russell Industrial Center and the city. After a swift order to vacate (impossible for those who have large equipment there), then an extension, then another extension, the city finally allowed tenants to stay while a list of improvements are made to the sprawling structure.
According to Crain’s,
“The agreement allows RIC tenants to stay in Buildings 1 and 2 while the owner gets them up to code. About 35 tenants are still in those buildings, according to Project Manager Eric Novack.
Detroit real estate investor Dennis Kefallinos' Boydell Development Co. must meet a series of deadlines to comply. Buildings 3, 4 and 5 must remain vacant, with exception to the 40,000-square-foot exhibition center in Building 4.”
According to the Free Press, 70% of tenants had moved out already. The uncertainty over the last few weeks over the Russell caused many to look elsewhere. Some tenants had reached out to Curbed and told us they found places outside of the city to move their studios. River Rouge even stepped up to the opportunity and offered artists space downriver.
Will Dennis Kefallinos and Boydell Development, who run Russell Industrial Center, step up and correct the issues at the Russell? Based on their record of property management, our expectations are pretty low.