DETROIT-Developers have transformed the office market of Detroit's CBD by renovating dozens of underutilized buildings and attracting hundreds of firms. But the now-vibrant office market has also sent ripple effects through the residential and retail sectors. The downtown has thousands of new apartments, and much like the CBD's new office spaces, most are historic renovations rather than new construction.
One of the earliest of these efforts was at 1214 Griswold, a former senior living facility. Detroit-based firms Broder & Sachse Real Estate Services, Inc. and Kraemer Design Group, PLC collaborated to transform it into a 127-unit luxury complex. Now known as the Albert of Capitol Park, it opened in the summer of 2014 and illustrates the impact of housing renovations.
“It's proven the theory that if you bring residents into the community the services will follow,” Robert Kraemer of Kraemer Design tells GlobeSt.com. The ground floor of 1214 Griswold had been “sleepy,” but today that retail space is nearly 100% filled, and includes unique storefronts like City Bark, a pet supply store, and La Lanterna, an Italian restaurant with historic roots in the city, to name a few.
Originally designed by Albert Kahn in 1929, the building was added to the National Register of Historic Places in 1980. But the renovation presented a few challenges, Kraemer adds. Most residents in luxury apartment complexes expect laundry facilities in their homes, but the Albert could not provide that amenity. The developers handled that by creating a large laundry facility and making it into more of a clubhouse than a laundry. “We deliberately went a bit over the top and made it a fun place. The millennial generation actually enjoys that kind of experience.”
The downtown market as a whole now has more than 6,000 apartments spread across the CBD and adjacent neighborhoods like Corktown, Midtown, Grand Circus Park and Lafayette Park, according to a new market report by Broder & Sachse. The CBD now has more than 2,100 apartments and an occupancy rate of more than 98%, Broder & Sachse found. “We see that across the downtown,” says Kraemer.
But the Albert was one of the first luxury apartment buildings in the downtown area to provide a full suite of amenities, he adds. The package includes a concierge services, a fitness center, and a pet grooming room, among other features.
It has been 100% occupied for several years, and keeps prospective renters on a waiting list. “It showed another aspect of the market,” says Kraemer.
DETROIT-Developers have transformed the office market of Detroit's CBD by renovating dozens of underutilized buildings and attracting hundreds of firms. But the now-vibrant office market has also sent ripple effects through the residential and retail sectors. The downtown has thousands of new apartments, and much like the CBD's new office spaces, most are historic renovations rather than new construction.
One of the earliest of these efforts was at 1214 Griswold, a former senior living facility. Detroit-based firms Broder & Sachse Real Estate Services, Inc. and Kraemer Design Group, PLC collaborated to transform it into a 127-unit luxury complex. Now known as the Albert of Capitol Park, it opened in the summer of 2014 and illustrates the impact of housing renovations.
“It's proven the theory that if you bring residents into the community the services will follow,” Robert Kraemer of Kraemer Design tells GlobeSt.com. The ground floor of 1214 Griswold had been “sleepy,” but today that retail space is nearly 100% filled, and includes unique storefronts like City Bark, a pet supply store, and La Lanterna, an Italian restaurant with historic roots in the city, to name a few.
Originally designed by Albert Kahn in 1929, the building was added to the National Register of Historic Places in 1980. But the renovation presented a few challenges, Kraemer adds. Most residents in luxury apartment complexes expect laundry facilities in their homes, but the Albert could not provide that amenity. The developers handled that by creating a large laundry facility and making it into more of a clubhouse than a laundry. “We deliberately went a bit over the top and made it a fun place. The millennial generation actually enjoys that kind of experience.”
The downtown market as a whole now has more than 6,000 apartments spread across the CBD and adjacent neighborhoods like Corktown, Midtown, Grand Circus Park and Lafayette Park, according to a new market report by Broder & Sachse. The CBD now has more than 2,100 apartments and an occupancy rate of more than 98%, Broder & Sachse found. “We see that across the downtown,” says Kraemer.
But the Albert was one of the first luxury apartment buildings in the downtown area to provide a full suite of amenities, he adds. The package includes a concierge services, a fitness center, and a pet grooming room, among other features.
It has been 100% occupied for several years, and keeps prospective renters on a waiting list. “It showed another aspect of the market,” says Kraemer.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
