On June 13, Triton Properties
unveiled the new look of the historic Alden Towers
apartment buildings located on East Jefferson in Detroit's Gold Coast neighborhood.
The Towers, also known as Alden Park Manor, were built in 1923 and designed by architect Edwin Rorke. Despite being on the National Register of Historic Places, the four towers had fallen into a state of disrepair in recent years. Denver-based Triton Properties has been working to restore this property to its former grandeur with help from Detroit's Kraemer Design Group.
Triton specializes in the renovation and rehabilitation of historic apartment buildings and has been doing that kind of work in Denver for years. They started investing in Detroit in 2009 and were looking for a big project in a great area that was more historic. They bought the Alden Towers out of foreclosure for $2 million in August 2012.
"These buildings are impossible to replicate," says Luke Davis, Director of Real Estate for Triton Properties. "The charm, the character, the quality … they're an easy sell once you get them cleaned up because people love it and love to be in it."
They're about one-third of the way completed with their renovation of Alden Towers. The common areas are mostly complete, including a brand-new grand lobby with a large fireplace as the focal point, a new laundry facility with stainless steel high-efficiency washers and dryers, and a new fitness center with all-new equipment and flatscreen TVs. The entire building is outfitted with free Wi-Fi. The grand lobby, designed with assistance from Sharon Carlile of Royal Oak's Italmoda, will mimic the lobby of a modern boutique hotel and will be a place for residents and visitors to congregate.
Everything is getting upgraded, and they are also doing a major renovation to the property's riverfront, which will begin in the next month. Renovation of the 382 residential units is ongoing while residents still live in the buildings; as leases come up for renewal, some choose to leave (based on reassessed qualification) and others move into newly-renovated units. 72 units are currently occupied. Davis estimates that the $5 million project will be complete in one year.
Units range from one-bed/one-bath to two-bed/two-bath, and run $649-1,134 per month (broken down per unit, this is about $1 per square foot). Triton is refurbishing as much of the original hardwood floors, moldings, bathroom tile, and built-ins as possible. All units will have state-of-the-art energy-efficient appliances and new cabinets, countertops, fixtures and faucets, ceiling fans and blinds. Triton also plans to offer a concierge service in partnership with local businesses for such things as dry cleaning, shoe repair, and grocery delivery.
Triton has more plans in the works for Detroit, specifically in the Gold Coast and other East Jefferson neighborhoods. Davis says that Triton was drawn to this area because of its situation on the Detroit River and proximity to other beautiful historic neighborhoods like the Villages to the north.
Source: Luke Davis, Director of Real Estate for Triton Properties
Writer: Nicole Rupersburg
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