Research Lofts is restoring the Crescent Brass & Pin Co. Building — a building listed on the prestigious National Register of Historic Places — into loft units.
The 44,000-square-foot building at 5766 Trumbell Ave., near the New Center Area and Woodbridge neighborhood, will be divided into 38 loft units. Loft sizes range from 750 to1,300 square feet, at an asking price of $175 per square foot. This price will increase by $10 for every 10 units sold. Thirty percent of the lofts sold in the first six weeks with only word-of-mouth advertising, the developers say.
The developers worked to restore the natural materials of the building, including the original brick, wood, concrete and overhead ducts. New windows were installed to help keep heating and cooling costs down, with ceilings up to 14-feet-high. The doughnut-shaped building has an interior courtyard, and some units have private rooftop decks to enjoy the views of the Fisher Building and Downtown.
LaSalle bank is working with the development team to provide an end-purchase program where a $4,000 allowance will be awarded to each purchaser, on top of a reduced mortgage percentage.
Source: Chadd Fox, Development Team Leader, Research Lofts
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