The former ownership group included Woodward Esquire, headed by developer Gilbert "Buzz" Silverman, Frank Torre of Torre and Bruglio Holdings LLC and James Stapleton, president of B and R Consultants. Southfield-based Farbman Group then partnered with Walbridge Aldinger Co. and John Rakolta Sr. on the ownership of the buildings.

Silverman says his family has a history of owning land in Detroit since 1918.

"We were always interested in development opportunities Downtown, so we purchased property. Based on what we expected, we would hold the property for five-10 years and then develop it," Silverman tells GlobeSt.com.

However, he says with the building of the new casinos, the two new sports stadiums Ford Field and Comerica Park, the new Compuware headquarters, development needs increased faster than he thought.

"We were approached by Farbman, who was interested in moving ahead with a loft development," Silverman says. "They basically made our group an excellent offer to join in."

He wouldn't discuss the price. "It was a private transaction," he says.

The loft project, consisting of more than 100 units and some ground-floor retail, was approved three years ago. However, Walbridge Aldinger has now taken over for the Silverman-Torre-Stapleton in the partnership.

Loft projects are popping up all over, Silverman notes, including across the street from his former project. He adds Bob Schostak is planning 150 lofts with retail and a parking structure. Construction could begin by fall, Silverman says.

"Lofts would be great for the city," he says. "Having residential Downtown will create a healthy real estate balance to support retail and office projects.