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DETROIT-The Park Shelton, a 12-story multifamily rental complex, will be transformed to condominiums in a $18-million renovation. Park Shelton Associates LP, which purchased the structure in 1986, has already begun the work, according to Walter Cohen, a co-owner.

Park Shelton is a 350,000-sf building and when completed will feature up to 250 units. Prices will range from $85,000 for a studio to more than $300,000 for a four-bedroom residence.

The building is located on Kirby Street, near Woodward and Interstate 94, within walking distance of the Wayne State University campus in Detroit. The terra-cotta building was constructed in the mid-1920s. At one time, the apartment building was popular with entertainers that would visit the Motor City and became a temporary home for Bob Hope, George Burns, Gracie Allen and Raymond Burr, among others.

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