(To read more on the multifamily market, click here.)

DETROIT-The landmark Park Shelton Apartments will be renovated into new residential and commercial space. Park Shelton Associates LP & Affiliates, in partnership with Kirby Parking Structure LLC, will use a $1 million state brownfield tax credit, along with its own investment of $10.7 million, to help transform the blighted building on the corner of Kirby and Woodward avenues into 220 market-rate condominiums and revamped commercial space. A new parking garage will be built next to the building.

The developer will use the brownfield credit to replace the heating and cooling system and make electrical, plumbing and life-safety system upgrades. The City of Detroit will assist the project through a Neighborhood Enterprise Zone designation.

“We are very proud that public and private sectors are working together are able to bring about the renovation of the historic Park Shelton,” says Walter Cohen of Park Shelton Associates Limited Partnership & Affiliates in a statement. Cohen says the project will provide new homes for more than 400 people and space for 10 to 12 businesses.

The Park Shelton renovation project is located in the city’s Midtown district. The University Cultural Center Association, which represents Midtown businesses and other interested parties, was recently awarded a $100,000 Cool Cities grant from the state totransform vacant property on the corner of Woodward and West Willis avenues into a mixed-use commercial and residential development.

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