We can’t always predict Detroit real estate, but we can predict that fall will be busy with building openings and announcements. Here are a few prominent places that have recently made news.
The Park Avenue Building in Grand Circus Park was in rough shape earlier this year, as pieces of the building started falling on the sidewalk below. Rino Soave, owner of Novi-based Infinity Homes & Co bought the building in April, and redevelopment plans have been in the works.
Kraemer Design Group, who works on many downtown buildings, will serve as architect, designer, and historical consultant on the project. It’s in the early stages right now, but plans call for “...upscale and refined apartment residences to be designed above approximately 5,000 square feet of first-floor retail.“ KDG will determine the number of residential units as they study the building. Also expect facade and fire escape rehab, along with stabilizing historical elements of the building.
The 12-story building was designed by Albert Kahn as the General Necessities Building in 1922.
One of the most anticipated openings this fall is the newly rehabbed David Stott Building. If you’ve been downtown in the evening, you might have noticed the building all lit up.
The lights are back on at The Stott. Purchased by Bedrock in 2015, the historic Art Deco building has been completely restored as a mixed use tower featuring ground level retail, nearly 40,000 square feet of office space and more than 100 residential units. Pre-leasing for fall move-ins is now underway. The Stott offers units in studio, one, two and three-bedroom configurations. Learn more at link in bio. courtesy of @nicholasplund.
Seeing the lights on in a neglected skyscraper is such a welcome sight.
Of course, this will come at a high price. The building will include retail, office, and residential, with some of the highest residential rents in the city. The Detroit Free Press reports that rents range from $1,420 for a studio to $5,000 for a three-bedroom apartment. We imagine some of those upper-end options will have some of the best views in the city. Residents will also have access to a community room and fitness center on the higher floors.
Ten of the units are set aside for low-income residents.
No word yet on if there will be a Sky Bar-like option for the rest of us.
Students at Wayne State will have a pricey new option this fall. The first phase of the Anthony Wayne Drive Apartments is set to open this weekend, with units ranging from “$1,139 per month for a single room in a four-bedroom apartment and $1,504 per month for a one-bedroom apartment,” according to Crain’s. These units are fully furnished.
The next phase will open next June, which will bring a total of 841 beds (individual apartments and shared living options) to the campus.