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DETROIT- Local developer Sky Development LLC plans to convert the top nine floors of the 21-story 1001 Woodward Building into 72 luxury condominiums. The project, known as the Residences of 1001 Woodward, is slated for completion by early 2006.

The building is perhaps best known locally as the First Federal Building and will continue to have a prominent commercial component as well with the first 12 floors as class A office space. Charter One Bank is one of the building’s more prominent current tenants.

“Downtown Detroit is undergoing a massive makeover,” says Pierre LeBlanc, spokesman for the project. “Historic buildings are being converted into lofts, and new condominium and townhome communities are emerging.”

LeBlanc says that Detroit’s younger buyers have led the way to the city’s reemergence. “That’s because until now there has not been a truly high-end project to draw high-income, baby boomers to the city. The level of finishes in these homes and the exceptional amenities that will be offered will entice such buyers and perhaps even top-level executives, celebrities and Detroit’s elite,” he says.

The building is located within a Neighborhood Enterprise Zone, which Sky says will dramatically reduce residential property taxes. The building, in the Detroit CBD, is located next to the new Campus Martius Park. LeBlanc said the project would comprise up to 72 condominiums of approximately 1,000 sf to 2,300 sf. The building features one- and two-bedroom floor plans, as well as two-bedroom residences with gallery or office space. Penthouse and full-floor units may be available as well. Prices have yet to be set.

According to the Building Industry Association of Southeastern Michigan, construction of attached condominiums in metropolitan Detroit rose nearly 18% during 2004 to 6,380 new units. Sky Development has been involved in a variety of area projects for more than 40 years.

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