Development firm The Platform
has been making major moves in New Center over the last several years. In 2015, it purchased The Fisher Building, and it has begun renovations of two buildings in the area into apartments and condos.
Now, they're selling one of their properties. Lutz Real Estate Investments and Northern Equities Group have acquired the Albert Kahn Building from The Platform for an undisclosed amount. The development partnership intends to convert the approximately 300,000-square-foot building into 200 apartments and about 60,000 square feet of retail and office space on the first floor and lower level.
The redevelopment will also include more than 300 parking spaces.
"We see this area as a major anchor in the city that is undoubtedly trending upward. New Center is one of Detroit's most dynamic neighborhoods," said Matthew Sosin, principal of North Equities Group, in a press release. "It is with great pride and conviction that we continue the groundwork laid by The Platform as we fully rehabilitate and bring this historic structure up to modern standards."
The Albert Kahn Building, which was not surprisingly designed by famed Detroit architect Albert Kahn, housed a Saks Fifth Avenue until 1980. It's historically been an office building with some lower-level retail. According to the website Historic Detroit
, it had about 50 percent occupancy in 2014, before it was purchased by The Platform.
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