Downtown Detroit has some new high-rise housing coming online that has absolutely nothing to do with Dan Gilbert: the Security Trust Lofts
at 735 Griswold is a totally-renovated seven-story building located on Griswold at Lafayette, just two blocks south of Capitol Park.
The building is owned by Joseph Kalladat, a lawyer by trade who purchased the 1925 Albert Kahn-designed building with the intention of renovating it into loft-style rental units. Because the building had no singular historic relevance beyond its age and attributes, Kalladat had to go through the process of not just designating the building itself
as a historical landmark, but the whole surrounding district.
With the help of local historic architect Rebecca Savage
, Kalladat discovered that this building was part of Detroit's Financial District in the first half of the 1900s. With Savage's help and support, they were able to get the entire district designated as historic – of the 36 buildings in the district, 33 were conforming and now fall under the historic designation.
What this means for future development in the area is that developers will receive a 20-percent historic tax credit on renovation work, provided they adhere to historic preservation guidelines. Often old buildings like this sit empty because the cost of renovation is prohibitively high; these historic tax credits help offset the costs.
The historic designation process of the Security Trust Lofts started in 2008. Once the designation was received, construction began on the building. It was a complete gut job. "Everything was demolished down to the exterior walls and concrete floors," Kalladat says. Renovation work took about 14 months; now they are putting on the finishing touches and awaiting their final certificate of occupancy. They hope to start moving residents in mid-June.
Security Trust Lofts have 19 residential units as well as a clubhouse for residents and a floor dedicated to a fitness center and storage. All lofts come with their own washer/dryer units, stainless steel appliances, granite countertops, dark wood cabinetry, and operable windows. The ground floor and first floor mezzanine will be retail, though they haven't started leasing yet.
Rent ranges $1,275-2,500 and includes gas and water. Units range from loft-style open floor plans to two bedrooms, starting at 850 square feet. Each unit has its own security monitoring system.
For information about leasing, call 248-254-4008.
Source: Joseph Kalladat, Security Trust Lofts owner
Writer: Nicole Rupersburg
Got a Development News story to share? Email Nicole here.