Successful Multifamily Building Goes Condo

DETROIT-The converted Lofts at Rivertown are for sale after J&J Slavik Inc. has spent $5 million to convert the 103-year-old multifamily rental building. Originally built in 1899 and designed by world-renowned architects Albert Kahn, Frank Conger Baldwin and William Buck Stratton, the former Frederick Stearns and Co. Building is recognized by the National Registry of Historic Places as one of Detroit’s historic landmarks.

The Lofts at Rivertown enjoyed a 95% occupancy rate since it was made into an apartment complex in the late 1980s at a cost of $20 million.

Officials with J&J Slavik say the decision to transform the rental property into a condominium community was made in response to the increased demand for ownership housing in Detroit as well as growing consumer enthusiasm for lofts.

More than 40% of the Lofts’ current residents have expressed an interest in purchasing, company officials say.

The building is located along East Jefferson, two blocks west of Belle Isle Bridge.