DETROIT – Ferlito Construction of Roseville has made the next jump to bring high-priced residential lofts to the downtown Detroit area. A private partnership, led by the company, recently received approval from the Detroit City Council to buy the 86-year-old Kales Building, the former Kresge Co. headquarters, for $100,000 to create 85 lofts and about 6,000-sf of retail/office space on the first or second floors.

Bradford Egan of Ferlito said the sale should be closed in the next two to three months, and redevelopment will take about two years. The rehabilitation project should cost about $12.5 million, he said.

The Kales Building is located in the heart of the city’s Historic District, neighboring Grand Circus Park.

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