Orton Development, the California-based firm that acquired the
Argonaut building from General Motors last year, says it plans to start
construction in early spring on its redevelopment of the Albert
Kahn-designed building.
The
building on Milwaukee east of Second in the New Center Area was
formerly GM’s home for research and development. Orton specializes in
adaptive reuse of corporate owned real estate.
Construction should take about three years, and reservations for the
about 250 residential units should start in early 2006. The project is
still in the beginning phases, and the company has done limited
exploration of the building for design purposes.
The 750,000-sqaure-foot, 11-story structure will be developed into
residential, office and retail space — with 125,000 square feet
available for office and retail and 1,000 secured parking spaces in an
adjacent structure.
Orton has also obtained the required zoning to allow for live-work spaces in the building.
Residential units will have creative designs and open spaces with a
true loft feel. “We are using a build-to-suit scenario for the
Argonaut,” says Gregg Herbert, CEO of Orton Development. “There are
various plans for the same unit.”
Herbert says the Argonaut will stand out. “We are not coming into
Detroit and replicating what is being done, we have a clearly different
market and brand. We bring in experience of other projects around the
country.”
Orton will be investing approximately $67 million to complete the
project. They have also been approved for a brownfield Single Business
tax credit valued at $5.6 million from the Michigan Economic
Development Corp. and other financial incentives from the Michigan
Economic Growth Authority. Orton praises the overwhelming support they
have received from the New Center Council, University Cultural Center
Association, and the Mayor’s Office on this project.
Source: Gregg Herbert, C.E.O. of Orton Development
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.