Detroit Development News

January 15, 2008

Iodent Building wrapping up construction on 11 lofts and 2 commercial spaces

Buying the eight-story Iodent Building a decade ago was one thing, opening up the Centaur Bar two years ago, another. Now owner Sean Harrington is completing construction on 11 residential loft apartments and two third-floor commercial spaces, with occupancy slated for the end of March.

The residential lofts will range from 700 square feet up to 1,500 and will rent for $1.12/square foot. One of the commercial spaces and four of the residential units are already leased. Because there is no indoor parking, Harrington is going the extra mile in terms of amenities, with drawer dishwashers, overhead showerheads and top-notch kitchen and bathroom fixtures.

The eighth floor will remain incomplete for the time being; Harrington plans to fully build out that floor along with the roof for himself and his family to occupy. For now, they will reside on the seventh.

The project was financed primarily by Shorebank with assistance from the Downtown Development Authority. The project's historic tax credits will be purchased by Comerica, with the Lower Woodward Fund putting up those monies in the interim.

Harrington is thrilled with the changes in the area -- particularly the new bars and the stadiums -- in the ten years since he bought the Iodent and opened the Town Pump Tavern in the Park Building across the street. "What a different animal than what I thought it would be," he says. "What a lovely thing to have happen."

Eventually, Harrington plans to renovate the upper floors of the Park into a hotel and has hopes that Quicken Loans will choose to locate on the Statler site. "Quicken would change the demographic in the area in a good and extremely different way," he says. "There'd be a couple of thousand computer people walking around here five days a week -- little shops need that kind of volume to pull off their businesses."

For more information, visit IodentLofts.com.

Source: Sean Harrington, Iodent Building
Writer: Kelli B. Kavanaugh

Neighborhoods: Downtown Detroit