Posted Oct 5, 2014, 3:29 PM
|
|
Registered User
|
|
Join Date: Nov 2010
Posts: 2,946
|
|
Quote:
Texas developers purchase New Center buildings, plan loft-style residential units
By Kirk Pinho. October 5th, 2014.
Just south of the TechTown Detroit building in the New Center area of Detroit, Jerome Huez and his development partners from Texas are planning for 24-27 loft-style residential units to hit the market next fall.
Huez, president of Detroit-based real estate brokerage The Loft Warehouse Inc., said his company will be responsible for securing financing and filling the units at Second Avenue at York Street where he and senior Loft Warehouse agent Matt O'Laughlin closed on the purchase of four buildings for $1.3 million last week.
Bill Ball of Austin, Texas-based real estate development firm Kemp Properties, and Jerry Lindenmuth, owner of Austin-based oil and gas company Lindenmuth & Associates Inc., paid cash for the buildings and are funding whatever redevelopment costs are not covered by things like tax incentives, O'Laughlin said.
It's undetermined whether they will be apartments or condominiums, but the one- and two-bedroom units are expected to be between 850 and 1,250 square feet and could offer some unique features.
"We are playing around with having green alleys back there and potential rooftop decks," O'Laughlin said.
The development has not yet been named, Huez said.
Totaling 70,000 square feet, the buildings are a 30,000-square-foot warehouse at 5960 Second Ave., which will be for the lofts; an 8,000-square-foot warehouse at 5924-5928 Second Ave.; a 10,000-square-foot retail storefront at 5940 Second Ave.; and a 22,000-square-foot warehouse at 463 York St.
O'Laughlin said there are two options for the building at 5924 Second -- tearing it down because it's in disrepair and making it a surface parking lot, or rehabbing it and turning it into a restaurant or a bar.
The building at 5940 Second will be used as interior parking with spaces for the residents, while the building at 463 York could be redeveloped as single-tenant office space or also used for more lofts.
The loft redevelopment is expected to cost about $2.7 million, although total project cost has not yet been determined.
....
|
http://www.crainsdetroit.com/article...lan-loft-style
|