This is good news.
One of the large buildings we mentioned as a dormant building that need to be redeveloped has hit the market. The Park Avenue Building in the Grand Circus Park district is now listed for an undisclosed price. The parking lot behind it, which could be built on, is also for sale.
Longtime building owner Ralph Sachs died earlier this year. The building was in poor, sometimes dangerous condition, and many thought it could be demoed like his neighboring Hotel Charlevoix. The city ordered Sachs to secure the building in 2014.
The 12-story building is 101,565 square feet, and located near the stadiums, downtown, and right across from the Kales Building. The Park Avenue Building opened in the early 1920’s. What could its future look like? Perhaps residential or more offices? This is a great opportunity for a big investor looking for a redevelopment project. It’s listed through Friedman Real Estate.
- 2001 Park Avenue [Friedman Real Estate]