The group plans to convert it into lofts and commercial space. The terra cotta building was built in 1917. The sale of the building is part of an effort by the city to sell its properties to developers who can turn them back into productive properties.
Porcher says work will begin on the building this spring, but that it will not be finished prior to the Major League Baseball All-Star Game in Detroit in July or the Super Bowl at Ford Field next February. The building will open in 2006.
The partners plan to invest up to $450,000 per floor for residential and office uses, says Peter Zeiler, business development manager for Detroit Economic Growth Corp. Each floor totals 3,500 sf. A men's clothing store is planned on the first floor, Porcher adds.
"Our primary incentive in pursuing this redevelopment was to create a family living environment and to renovate one of the city's historic structures," says Porcher, a defensive end for the Lions from 1992 to 2004.
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