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ANN ARBOR, MI–Luxury loft apartments will soon replace the Eaton Corp’s manufacturing plant Downtown if a Chicago company has its way.

The Morningside Group has bought the five-story building for an undisclosed price, according to company officials. The 125,000-sf facility is located on a 2.2-acre site at 315 S. First St., between West William and West Liberty streets. A closing date has not yet been made public.

Morningside, which has a Royal Oak, MI, office, is a boutique firm specializing in urban mixed-use and multifamily developments. It is known more recently for the Main Place development in Downtown Royal Oak, a complex that includes both residential and retail space.

In May, Eaton, a Cleveland-based auto supplier, announced plans to close its local plant, which employs about 440 people.

A final hurdle includes Morningside’s obtaining city approval for the rezoning of the land to develop the condos. The company expects to submit plans in the next few months.

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