Corktown is enjoying a development boon lately with the Elton Park project surging forward and rumors swirling of Ford Motor Company purchasing the iconic Michigan Central Station. Much has been made of the auto company’s talks to buy the train station with many hoping that such a deal could reinvigorate the Michigan Avenue corridor all the way west to Dearborn. Ford is apparently only in the early stages of negotiations but developers are already looking to snap up sites west of Corktown. A project that fits the bill is the redevelopment of the Grosfield Building, recently reported by Crain’s Detroit.
The red-brick building dating back from 1893 and three nearby buildings at 3365 and 3363 Michigan Avenue are to be converted into for-sale lofts by Detroit-based Warehouse Development. Work is expected to cost $4 million and take anywhere from 9-12 months to complete. The historic aspects of the Grosfield Building are going to be maintained, including “a lot of original windows, original tin ceilings, original hardwood floors.”
The ground floor spaces could contain restaurants or retail while the upper floors will house the residential units which will average 770 square feet and range from $175,000-$250,000 in price. The developers are hoping to attract a younger crowd looking to live close to the downtown core while still being able to afford homeownership. Presales for the 20 planned lofts will open soon.
By Jared Hoffman
Research Associate, JMJ Phillip Group