About 575 units are in the two towers. The actual sale is expected to be about two and a half years away, with a variety of legal and financial issues to be dealt with in that time, Riverfront said. The buildings were constructed in 1982, financed in part by loans from the Detroit Downtown Development Authority.
The DDA has agreed to accept 6.7 acres of vacant land west of the complex plus four condo units and $1.9 million in cash from Riverfront Associates in exchange for the approximately $26.5 million still outstanding on those loans.
Riverfront said the 275 units in Tower 100 would be maintained as apartments. It also said current residents in Towers 200 and 300 would be given first rights on purchases. Some of the one-bedroom apartments in the complex could start below $100,000, while some of the three-bedroom units may draw more than $300,000, the company said.
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